Licences required for digital asset fund managers, advisers

Licences required for digital asset fund managers, advisers

The Securities and Exchange Commission (SEC) announced all operating digital asset fund managers and investment advisers are required to apply for licences by Feb 24 to continue their businesses.

The “digital asset fund managers” refer to any companies which manage investment in cryptocurrency or digital tokens for other people.

The “digital asset investment advisers” refer to anyone who gives advice pertaining to cryptocurrency or digital token trading to customers and receive remuneration for their services. 

Although they may have been operating before the businesses are regulated under the Ministry of Finance's Nov 27, 2020 regulation, all digital asset fund managers or advisers aiming to continue their businesses must submit applications to the SEC by the deadline.

The SEC will assume any fund managers or advisers which fail to do so are operating businesses without a licence and could be forced to cease operations.

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