The Securities and Exchange Commission (SEC) of Thailand has issued a set of regulations for companies offering crypto custody services.
Thailand’s SEC announced a new set of rules for crypto custody providers, which took effect on January 16, 2023. The SEC detailed that businesses that offer crypto custody services for clients’ digital assets are now required to “establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure the safety of clients’ assets.”
Thai SEC Issues Three Major Rules for Crypto Custody Providers
The SEC’s newly issued set of regulations includes three major requirements. The first includes the provision of policy guidelines for overseeing the risk management of digital wallets and private keys. The SEC says “Key means a cryptographic key or any other data that must be kept confidential in order to be used for approval of transfers or transactions related to digital assets in digital wallets.”
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