Thailand introduced rules for the operation of crypto wallet operators

The Securities and Exchange Commission (SEC) of Thailand has issued regulations requiring operators that store customers’ digital assets to set up a digital wallet management system to ensure security. This is stated in the message of the regulator.

The documents, in particular, suggest that the creation, maintenance, and access to keys or other related information must be secure. A plan must be in place in case any event occurs that may affect the digital wallet and key management system.

“This includes developing and testing procedures and activities, assigning responsible persons, and reporting events. A system security audit is required, as well as an investigation in the event of any event affecting the security of systems related to the storage of digital assets, which may have a significant impact on clients’ assets,” the message says.

The rules came into effect on January 16, 2023.