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The Securities and Exchange Commission (SEC) of Thailand has mandated digital asset providers to establish a digital wallet management system to ensure the safety of client assets.

On January 17, the SEC released three sets of requirements aimed at providing regulatory guidelines for digital asset providers/exchanges to establish an effective digital portfolio management system.

According to the SEC, providers of digital assets are required to communicate with the commission about the policies and guidelines it has implemented to oversee the risk management and management of digital portfolios.

Additionally, crypto custodians are requested to describe the policies and procedures guiding the design, development, and management of digital wallets. Appropriate information should also be provided on how private keys are created, maintained, and accessed when needed.

Additionally, digital asset providers are required to have clearly defined contingency plans in case of events that compromise their digital wallets and private keys.

The SEC added that a thorough securities audit and digital forensic investigation are needed in the event of a system breach, to reduce losses for exchange clients.

The SEC has asked all digital asset providers in the region to fully comply with the regulations within six months, starting January 16, 2023.

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