New Thailand Regulations

thailand regulations

On Tuesday, the Thailand Securities and Exchange Commission (SEC) announced that they will release new regulations on the “management of digital wallets for custody of digital assets and keys.” The rules went into effect on Jan 16th. 

The SEC of Thailand further noted that companies handling clients’ digital assets on their behalf must do the following. Create a system for managing digital wallets that will permit effective management of digital assets and keys and guarantee the security of client assets. 

In addition, according to the SEC. They should hold a “policy and guidelines” for the handling of “digital wallets and keys as well as communication to clarify such policy, action plans and procedures, work supervision, and internal control to ensure compliance with the policy.”

They further detailed that the business must develop a “policy and procedures for designing, developing and managing digital wallets.”

As well as appropriately generating, managing, and accessing keys or other relevant information safely and securely. Crypto custody service providers also should be ready with a plan B if it takes a toll management system of digital wallets and keys.

The Thai SEC further detailed. “This includes laying out and testing action procedures, designating responsible persons, and reporting the event.”

The securities watchdog said. “An audit of system security is also required as well as digital forensic investigation in case of any event affecting the security of systems related to digital asset custody, which could cause significant impacts on clients assets.”

Before the new regulations go into effect, existing crypto service providers must completely abide. They now have six months to do so. The Thai SEC has stepped up its efforts to protect investors in relation to cryptocurrencies. The regulator introduced Crypto Academy earlier this month to assist investors in becoming familiar with digital assets before investing.

New Thailand Regulations
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