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Thailand's Securities and Exchange Commission (sec) has published new cryptocurrency custodied regulations. Companies offering crypto custody services are now required to “establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients’ assets,” the regulator described.
New crypto regulations of the Thai SEC.
Thailand Securities and Exchange Commission (SEC) announced on Tuesday that it has published new rules on "digital portfolio management for the safekeeping of digital assets and keys." The new by-law came into force on 16 January.
The Thai SEC explained that companies that provide digital asset preservation services to customers should:
Establish a digital portfolio management system to ensure effective custody of assets and digital keys and customer asset security.
They must also have a "policy and guidelines" in place for managing "portfolios and digital keys and communication to clarify that policy, courses of action and procedures, work supervision, and internal control to ensure that the policy is adhered to," he noted.
The regulator has made it clear that companies are also required to develop a "design policy and procedures", digital portfolio development and management, as well as design, properly retain and access keys or other associated information, safe."
Furthermore, crypto custody service providers must establish a “contingency plan in case of occurrence of any event that may affect the management system of digital wallets and keys,” the Thai SEC detailed. "This includes the development and testing of response procedures, identification of responsible individuals, and reporting of the event."
The securities watchdog further stated:
A system security audit is also required and a digital forensic investigation is required in the event of an event affecting the security of systems associated with the custody of digital assets, may have a material impact on client assets.
Providers of existing cryptography services prior to the coming into force of the new regulations must fully comply with the new rules within six months of the coming into force date of the new regulations.
The Thai industry has intensified its efforts to protect investors in the crypto field. Earlier this month, the regulator launched Crypto Academy to help investors learn about digital assets before investing.
What do you think of the new rules for custodial cryptocurrency management in Thailand? Please let us know in the comments below.
