Wednesday, July 28, 2021

business

New regulations to be announced soon for digital asset custodial wallet providers


To tackle the illegal use of digital assets, the Securities and Exchange Commission (SEC) is framing regulations to allow digital asset custodial wallet providers to seek a licence.

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SEC secretary-general Ruenvadee Suwanmongkol said that if there were no change in regulations, the commission could request permission from the Finance Ministry to make an announcement as soon as possible.

She said the regulations would allow digital asset custodial wallet providers to take care of customers' digital assets worth less than Bt15 million by themselves, but those who take care of customers' digital assets worth more than Bt15 million must deposit such assets with digital asset custodians.

"Currently, digital asset custodial wallet providers who take care of customers' digital assets worth more than Bt15 million are using digital asset custody services in foreign countries that were not under Thailand's laws," she said.

"Meanwhile, we found that digital assets can be used in illegal ways, such as for drugs and money laundering, as digital assets can conceal transaction information."

She said a digital asset exchange had requested for real estate tokenisation with the SEC last week, adding that the commission will issue a licence to the company by the second quarter of this year.

"This move will help investors become familiar with new ways of investment," she added.

Published : March 29, 2021

By : The Nation