Securities And Exchange Commission, Thailand: Digital Assets Custodian Wallet Services Will Soon Be Regulated Under Digital Asset Business Law

28 Jan 2020 — The Securities and Exchange Commission, Thailand announced yesterday that #digitalassets custodian wallet services will soon be regulated under the Digital Asset Business law, to counter illicit activities such as money laundering through digital assets.

This was followed by an earlier report, where the SEC and the Ministry of Finance issued a new set of regulations enforcing business operators to engage independent, regulated and experienced digital asset custodian to safe keep the assets.

According to the public hearing process that will end on 26 Feb,

1. SEC is proposing “Digital asset custodial wallet provider” as a new digital asset business license

2. Digital asset custody entities must be unrelated and independent of digital asset operators in terms of shareholding structure, directors and management, as well as registered with min paid-up capital of 50M baht (~USD1.7M), min owner’s equity capital fund of 20M baht (~USD660K) and maintain a net capital requirement required by law.

3. Digital asset business operators are prohibited from providing services relating to privacy coins, which the identity of users and the origins of their transactions are anonymous and protected.

For further details:

#Propine #digitalcustody

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