The Securities and Exchange Commission (SEC) of Thailand has announced new regulations regarding custody cryptocurrencies. Companies offering crypto custody services must “establish a digital wallet management system to address the efficient storage of digital assets and keys and to ensure the security of customers’ assets,” the regulator explained.
Thailand SEC’s New Crypto Rules
Thailand’s Securities and Exchange Commission (SEC) announced Tuesday that it has issued new rules on “managing digital wallets for the storage of digital assets and keys.” The new rules went into effect on January 16.
The Thai SEC explained that businesses that provide custody services for customers’ digital assets must.
establish a digital wallet management system to address the efficient custody of digital assets and keys and to ensure the security of customers’ assets.
and must have “policies and guidelines” for managing digital wallets and keys, as well as “communications to clarify such policies, action plans and procedures, oversight of work, and internal controls to ensure compliance with the policies,” the SEC noted The SEC notes.
The regulators further detailed that operators are required to develop appropriate, secure, and reliable “policies and procedures for the design, development, and management of digital wallets and the creation, maintenance, and access to keys or other relevant information.”
In addition, the Thai SEC elaborates that crypto custody service providers must establish “contingency plans for the occurrence of events that may affect digital wallet and key management systems.” This includes developing and testing action procedures, designating responsible parties, and reporting events.”
The Securities Surveillance Commission further states.
In addition, system security audits and digital forensic investigations are required when an event occurs that affects the security of systems related to the custody of digital assets and could have a material impact on customer assets.
Existing cryptographic service providers before the new regulations take effect must fully comply with the new regulations within six months of the effective date of the new regulations.
The Thai SEC is stepping up its efforts to protect investors related to crypto. Earlier this month, the regulator launched the Crypto Academy to help investors learn about digital assets before investing.
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