In this briefing:
1. Capital Flows Return To Asia and India
- Latest January ‘flash’ data show cross-border capital returning to Asia
- Asian EM and India favoured
- Reinforces similar evidence in December and helps reverse big outflows a year ago
- Adds support to our view that Asia is leading the Global cycle higher
2. Sathorn Series N: Thai Cryptocurrency Regulations Update
The cryptocurrency regulatory framework in Thailand is still less than a year old, but after going through the details, we find that:
- Operators. Three exchanges have already been licensed. In addition, coins.co.th has already been licensed as both broker-dealer.
- Definitions of cryptos and digital tokens as well as defining industry structure and practices similar to what we already have in equities.
- Flexible application process. Regulators don’t actually define a period by which operators will get licensed by them, but will allow them to operate until their application is rejected.
- Learning process. Given how brief the regulatory outlines are at this phase, we believe they are also learning the ropes at the same time as everyone else. Operators that apply will probably have significant dialog with regulators before they get approved.
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