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Thailand SEC Issues Regulations for Crypto Custody Providers
The regulator says custodians should have a contingency plan if something goes wrong.
Updated Jan 18, 2023, 3:41 p.m. Published Jan 18, 2023, 11:53 a.m. 1 min read
Thailand's Securities and Exchange Commission has issued regulations for crypto custody providers to establish a digital wallet-management system to ensure the safety of customers' assets, according to a press release on Tuesday.
The regulations, which took effect on Monday, offer policies and guidelines for overseeing the management of digital wallets and keys plus procedures for designing digital wallets. The regulation also says custodians need to have a contingency plan in case an event occurs that could affect the management system of digital wallets and keys.
Thailand's financial regulator has been clamping down on the crypto industry lately. In September, it banned crypto firms from offering staking and lending services and established stricter crypto advertising rules.
Regulators around the word have been toughening up their crypto stance following the collapse of crypto exchange FTX which filed for bankruptcy in November.
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The bill’s restrictions on yield-bearing crypto products may push the industry away from passive "hold-to-earn" models and toward AI-driven, compliant yield infrastructure, according to STBL Chief Commercial Officer Joe Vollono.
Ano ang dapat malaman:
- Proposed rules could force crypto firms to shift from passive yield to active, compliant capital strategies.
- STBL's Chief Commercial Officer Joe Vollono said AI-driven treasury, lending and collateral tools could become crypto’s next major infrastructure layer.
- Banks worried about deposit flight may ultimately become participants in the stablecoin economy rather...
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