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The Securities and Exchange Commission (SEC) of Thailand has issued new regulations on custodied cryptocurrencies. Companies offering crypto custody services are now required to \u201cestablish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients\u2019 assets,\u201d the regulator described.<\/strong><\/p>\n Thailand\u2019s Securities and Exchange Commission (SEC) announced Tuesday that it has issued new rules on the \u201cmanagement of digital wallets for custody of digital assets and keys.\u201d The new regulations went into effect on Jan. 16.<\/p>\n The Thai SEC explained that businesses that provide custody services for clients\u2019 digital assets must:<\/p>\n Establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients\u2019 assets.<\/p>\n<\/blockquote>\n They must also have a \u201cpolicy and guidelines\u201d in place for the management of \u201cdigital 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,\u201d the SEC noted.<\/p>\n The regulator detailed that the businesses are additionally required to develop a \u201cpolicy and procedures for designing, developing and managing digital wallets as well as creating, maintaining and accessing keys or other related information appropriately, securely and safely.\u201d<\/p>\n Furthermore, crypto custody service providers must establish a \u201ccontingency plan in case of occurrence of any event that may affect the management system of digital wallets and keys,\u201d the Thai SEC detailed. \u201cThis includes laying out and testing action procedures, designating responsible persons, and reporting the event.\u201d<\/p>\n The securities watchdog further stated:<\/p>\n 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\u2019 assets.<\/p>\n<\/blockquote>\n Existing crypto service providers prior to the new regulations taking effect must fully comply with the new rules within six months from the effective date of the new regulations.<\/p>\n The Thai SEC has been ramping up its investor protection efforts relating to crypto. Earlier this month, the regulator launched Crypto Academy<\/a> to help investors learn about digital assets before investing.<\/p>\nThai SEC\u2019s New Crypto Rules<\/h2>\n
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