Thailand's Securities and Exchange Commission issued regulatory rules for encrypted wallets: requiring encrypted custodian service providers to build a digital wallet management system

Thailand’s Securities and Exchange Commission (SEC) issued digital asset wallet regulatory rules, requiring digital asset business operators that provide custody services for customers’ digital assets to establish a digital wallet management system to adapt to the efficient custody of digital assets and keys, and to ensure the security of customer assets . The regulation covers the following requirements: 1. Policies and guidelines for overseeing the risk management and management of digital wallets and keys; 2. Policies for the design, development and management of digital wallets and the appropriate and secure creation, maintenance and access of keys or other related information and procedures; 3. Contingency plans for any event that may affect the digital wallet and key management system. This regulation will come into effect on January 16, 2023. According to the transitional regulations, digital asset operators who have held customer assets in custody before the regulations come into effect must fully comply with the regulations within 6 months from the date of entry into force of the regulations. the