Thailand SEC Issues Regulations for Crypto Custody Providers

The regulator says custodians should have a contingency plan if something goes wrong.

AccessTimeIconJan 18, 2023 at 11:53 a.m. UTC
Updated Jan 18, 2023 at 3:41 p.m. UTC
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Thailand's Securities and Exchange Commission has issued regulations for crypto custody providers to establish a digital wallet-management system to ensure the safety of customers' assets, according to a press release on Tuesday.

The regulations, which took effect on Monday, offer policies and guidelines for overseeing the management of digital wallets and keys plus procedures for designing digital wallets. The regulation also says custodians need to have a contingency plan in case an event occurs that could affect the management system of digital wallets and keys.

Thailand's financial regulator has been clamping down on the crypto industry lately. In September, it banned crypto firms from offering staking and lending services and established stricter crypto advertising rules.

Regulators around the word have been toughening up their crypto stance following the collapse of crypto exchange FTX which filed for bankruptcy in November.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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