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BANGKOK (The Nation/Asia News Network): The Securities and Exchange Commission (SEC) has issued new regulations requiring custodians of digital assets to set up a digital wallet management system, including a key, to ensure the security of customer assets.

The SEC defines a “key” as a cryptographic key or any other data that must be kept confidential and used for approval of transfers or transactions related to digital wallets.

The new regulations cover the following three requirements:

1. Policy and guidelines to oversee risk management and management of digital wallets and keys as well as communication to clarify this policy, action plans and procedures, work supervision and internal control to ensure the policy compliance.

2. Policy and procedures for designing, developing and managing digital wallets and creating, maintaining and accessing keys or other related information in an appropriate, secure and secure manner.

3. Contingency plan for events that may affect the digital wallet and key management system. This includes setting up and testing action procedures, designating responsible persons and reporting the event. A system security audit as well as a digital forensic investigation is also required in case the event affects the security of customer systems and assets.

The new regulations came into effect on Monday (January 16). Operators are required to comply with the regulations within six months.

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