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Innovations for Digital Asset Service Providers

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Innovations for Digital Asset Service Providers. The Thai SEC has introduced new rules for crypto holding providers. Crypto custodians in the country will need to submit an emergency plan. Thai regulators tighten crypto rules after FTX crash.

The Securities and Exchange Commission (SEC) of Thailand has introduced new regulations for digital currency service providers in the country. The new law is part of a larger overhaul aimed at stronger crypto regulations for better consumer protection.

According to a press release from the Thai SEC, the new law will require companies operating in the digital space to establish a digital management system. This is to help in effective digital asset protection and ensure the safety of customer assets.

In addition, the Thai SEC has said that crypto regulators will also need to have policies and regulations that specifically address the risks and management of digital wallets and keys. Other policy provisions include the design, development and management of digital wallets in a safe and secure manner.

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Thailand Introduces New Regulations for Digital Money Service Providers to Enhance Security

The law, which came into effect yesterday, also requires digital money service providers to develop contingency plans to prepare for any event that could put their digital wallets and keys at risk. The Thai SEC advises that a security audit of its system will also be required.

All crypto security companies operating in Thailand will have to comply with the new law within six months. The stricter rules are part of the Thai SEC’s response to the FTX failure last year. Efforts by regulators to regulate the crypto industry include regulating crypto media and better cyber security. Earlier this month, the SEC launched an investigation into crypto exchange Zipmex.

According to the regulator, the exchange, which V Ventures is currently acquiring, may violate local laws related to digital assets.

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