- Since January 16th, the new rules have been in place.
- Already established firms have been given a grace period of six months to comply.
On Tuesday, the Securities and Exchange Commission (SEC) of Thailand made public new regulations. For the administration of digital wallets for custody of digital assets and keys. Since January 16th, the new rules have been in place. The Thai SEC detailed the requirements for companies offering digital asset custody services to their customers.
The SEC stated:
“Establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients’ assets.”
The SEC also stressed the importance of having a “policy and guidelines” in place for the handling of “digital wallets and keys,” which should include things like “communication to clarify such policy,” “action plans and procedures,” “work supervision,” and “internal control” to ensure compliance with the policy.
Full Compliance Mandated
The authority said that the companies must also establish policies and methods for designing, implementing, and administering digital wallets, as well as establishing, preserving, and accessing keys or other associated information correctly, securely, and safely.
The Thai SEC further specified that crypto custody service providers must have a contingency strategy in case of the occurrence of any incident that may impair the management system of digital wallets and keys. Among these steps are defining responsible personnel, reporting the issue, and testing action processes.
Current crypto service providers who were in operation before the new rules went into effect have been given a grace period of six months from the day that the new regulations went into effect to bring their operations into full compliance with the new requirements.
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