The Thailand Securities and Exchange Commission (SEC) has amended its rules on undertaking digital asset businesses to broaden which entities can act as digital asset custodial wallet providers, allowing certain providers from business groups with demonstrated capability to safeguard financial assets to serve digital asset business operators with the same major shareholders, subject to compliance with SEC independence rules. The changes take effect from 16 January 2025. Previously, custodial wallet providers were required to be listed companies or their subsidiaries. Following a public hearing in which most respondents supported the proposal, the SEC adopted amendments permitting providers from specified business groups with expertise, experience and readiness for direct custody of financial assets to serve related-party operators, and requiring those providers to comply with SEC-prescribed independence rules. The amending notification has been published in the Government Gazette.
Thailand Securities & Exchange Commission 2025-01-17
Thailand Securities and Exchange Commission widens eligibility for digital asset custodial wallet providers serving related operators
The Thailand Securities and Exchange Commission (SEC) has amended rules to expand eligibility for digital asset custodial wallet providers, allowing certain business groups with proven asset safeguarding capabilities to serve operators with the same major shareholders, subject to SEC independence rules. Previously, only listed companies or their subsidiaries could act as custodial wallet providers. The changes, effective 16 January 2025, follow a public hearing with broad support.