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Thailand’s Regulator Publishes Rules for Crypto Wallet Operators

Thailand’s Regulator Publishes Rules for Crypto Wallet Operators

The Thai Securities and Exchange Commission has required virtual asset service providers (VASPs) that specialize in providing custody services to create a digital wallet management system.

According to the site of the regulator, the purpose of the regulation is to provide “efficient custody” of customer funds and keys.

According to the rules, VASPs must develop policies and recommendations to control risk management, as well as ensure communication with supervisory authorities on this issue and create a “contingency plan” and organize regular security audits.

In addition, the regulator has required operators to provide information on the development and management of digital wallets and keys.