Thai SEC publishes rules for crypto-wallet operators

The Securities and Exchange Commission of Thailand (SEC) has required VASP, which specialise in providing custodial services, to establish a system for managing digital wallets. The regulator’s site says on this page.

The aim of the regulation is to ensure ‘effective custody’ of client funds and keys. Under the rules, VASP must:

• develop policies and guidelines for risk management controls, and ensure communication with supervisory authorities on this matter;
• prepare an incident-response plan and organise regular security audits.

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

The new rules took effect on 16 January 2023.

In August 2021, the Commission proposed a regulatory framework for crypto custodians. According to the regulator, the rules will strengthen investor protection and the reliability of VASP.

In February 2022, Thai authorities abandoned the 15% income tax on digital asset transactions.

Later, the country’s government exempted cryptocurrency transfers involving licensed exchanges from VAT until the end of 2023.

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