The Securities and Exchange Commission (SEC) of Thailand is working to better protect cryptocurrency investors by introducing new rules for crypto custody services.
Thai SEC on Jan. 17 issued regulations requiring virtual asset service providers (VASP) to establish a digital wallet management system to guarantee efficient custody. The new rules target crypto custodians, or VASPs that provide crypto storage services.
The regulations include three major requirements, including provision of policy and guidelines for overseeing risk management of digital wallets and private keys. The rules require VASPs to communicate with regulators regarding such policies and provide action plans to ensure compliance.
(By HELEN PARTZ)
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