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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.
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.
STORY CONTINUES BELOW
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.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
