“SEC” draft criteria for controlling investors “Cryptocurrency” must earn 1 million baht per year or more. Has net assets of 10 million baht. Experience in securities investment – at least 2 years of derivatives must pass a knowledge test of at least 80%.
The Royal Decree on Digital Asset Businesses B.E. 2561 stipulates that the SEC has the power and duty to regulate digital assets. Which consists of 1.Digital token And 2.Cryptocurrencies In accordance with the said royal decree “Cryptocurrency” means an electronic data unit. Which are created on electronic systems or networks With the wish to be used as a medium of exchange for the acquisition of products and services Or any other right Or exchange between digital assets
From following up on developments in the past The Securities and Exchange Commission (SEC) found that Most cryptocurrencies do not have any fundamentals or businesses to support trading in the cryptocurrency market. Therefore, it is often just speculation and the price is highly volatile. Hence, it has a higher level of risk than other capital market products.
However, because cryptocurrencies are a new form of financial innovation. Which has evolved rapidly in a short time In addition, during the past, the price of cryptocurrencies has increased significantly, causing new investors to invest in cryptocurrencies. To hope for a quick return without sufficient product knowledge. And may not be able to take the damage that may occur.
Therefore, in order to have an appropriate investor protection mechanism This is consistent with the risk level of the product in the same way as other capital market products.Set rules on the qualifications of investors in cryptocurrencies. Including requiring a test of knowledge about investments (knowledge test) before investing in digital assets
Cryptocurrencies Investors Features
- Financial position qualifications
1. Investors must haveAnnual income excluding spouse of 1 million baht or more.
2. haveNet assets (net worth) starting from 10 million baht Excluding the real estate value Which is used as a regular residence
3. Have value investing in securities Futures contract Or digital assets (port size) From 5 million baht or more
- Knowledge qualifications
1.Investors with experience investing in cryptocurrencies or having experience investing in securities. Or futures contract for at least 2 yearsOr be a professional as specified by the office, including personnel in the capital market business In accordance with the announcements regarding the rules on personnel in the capital market business such as investment advisors Investment planner Investment analyst, etc., or as a tester through investment courses such as Chartered Financial Analyst (CFA) Certified Investment and Securities Analyst (CISA) Chartered Alternative Investment analyst (CAIA) or Certified Financial Planner (CFP), etc.
ThisIn the case of other investors who do not meet the requirementsWill not be able to invest in cryptocurrencies directly byAble to invest in cryptocurrencies through a licensed digital asset fund manager (DA Fund manager) only. However, when opening an account, use a new service. Digital asset business operators mustSet the minimum amount to open an account of not less than 1,000 baht.
However, the SEC therefore deems it appropriate to require digital asset business operators to conduct a knowledge test covering the topic of risk characteristics and returns of digital assets. Including knowledge of terms of service To assess and test investors knowledge before starting to provide services to investors as well. By digital asset business operators Will be able to start providing services to investors only whenInvestors have a knowledge test score of not less than 80% in each topic.
In which the Office of the SEC will arrange for a hearing on the principles for a period of 30 days (closed for comments on 27 Mar. 64) byIt is expected that the rules will take effect by 3Q21 onwards.
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