I don't think there is anything like hat in the crypto. This industry is at the stage where laws and regulations are still struggling to accept them. The industry is completely running over the free/decentralised blockchain and thus gets most out of the public ledgers.
Whats the meaning of all this? Well, basically you can do whatever you want here, do it your way or the other way. There is no need of licenses and stuff and no one will ever ask you what you owe and how.
Max to max the licensing applies to the whole exchanger but not the individual trader or manger.
When we do compare crypto to forex then these are the things which do really make them different where a centralized things over decentralized stuff and as you said here on crypto, laws and regulations isnt still present on major aspect which means there would be still no legal involvement about these asset/account managers where you wont really need a license to be one and anyone can really be a fund manager but the question is, who will entrust funds to you? This would be more on trust aspect.