The Securities and Exchange Commission (SEC) has issued rules requiring digital asset operators to (Business operators) must provide clients with training or testing their knowledge of cryptocurrencies in order to provide their clients with an understanding of how to invest in cryptocurrencies. appropriate and consistent with acceptable risks
including requiring business operators to submit a service quality data report and the use of IT usage capacity with the SEC for the benefit of protecting traders to have information for decision-making to use services with business operators
Nowadays, more and more people are interested in investing in cryptocurrencies. which may invest inconsistent with acceptable risk level While the digital asset business is growing rapidly. And traders do not have information about the quality of service of digital asset operators, such as information about system failures that affect services. and complaints of service users In order to make a decision to choose a service, and the SEC does not yet have information on IT usage capacity to monitor the service quality of business operators.
The SEC sees the importance of having business operators provide traders with training or testing their knowledge of cryptocurrencies before deciding to trade and in accordance with their level of risk. acceptable and to provide information about the quality of service of business operators In addition, in order for the SEC to be able to monitor the efficiency of services and the readiness of the business operator’s work system, the SEC has issued the following rules related to such matters:
(1) prescribing rules for business operators* to provide for customers Take a training or knowledge test on cryptocurrencies. The SEC has approved in the meeting No. 6/21 on April 1, 2021, except in the case that the client has experience trading cryptocurrencies. before using the service with the business operator or being an institutional investor extra large investor or a high net worth investor** who is a juristic person
as well as requiring the business operator to provide preliminary advice for customers to understand the importance of allocation and determine the appropriate investment ratio for customers (basic asset allocation). The announcement has been published in the Government Gazette and is effective from August 30, 2022.
(2) Prescribing rules for business operators*** to submit a service quality report to the SEC and disclose such report on the website of the business operator. The SEC has approved in the meeting No. 5/22 on May 5, 2022, including submitting a report on the use of the system’s capabilities to the SEC for the benefit of Protect traders to have information to help them decide to use the service with business operators. And for the benefit of the SEC’s supervision, such announcement has been published in the Government Gazette and is effective from January 1, 2023.
refer : LINK
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