{"id":330028,"date":"2021-08-25T10:52:55","date_gmt":"2021-08-25T07:52:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/thai-sec-proposes-new-rules-for-digital-asset-custodians\/"},"modified":"2021-08-25T10:52:55","modified_gmt":"2021-08-25T07:52:55","slug":"thai-sec-proposes-new-rules-for-digital-asset-custodians","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/thai-sec-proposes-new-rules-for-digital-asset-custodians\/","title":{"rendered":"# Thai SEC proposes new rules for digital asset custodians"},"content":{"rendered":"

“# Thai SEC proposes new rules for digital asset custodians <\/strong>”
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The Securities and Exchange Commission (SEC) of Thailand continues introducing new regulations for the cryptocurrency industry, citing investor protection concerns.<\/p>\n

On Wednesday, the Thai SEC\u00a0proposed<\/a> a set of additional regulations related to custody of investors’ cryptocurrency holdings held by digital asset business operators. The newly proposed rules refer to custody of fiat money for digital asset accounts as well as cryptocurrency lending, or earning interest on crypto holdings.<\/p>\n

The SEC is specifically looking to prohibit crypto companies from using investor assets for the \u201cbenefit of another client or other persons,\u201d or seeking benefits from both investors\u2019 fiat money and digital assets, including digital lending to other persons. \u201cSeeking benefits from clients\u2019 fiat money shall be prohibited except in the form of deposit with commercial banks,\u201d the proposal reads.<\/p>\n

The new rules also propose a new framework for the withdrawal and transfer of fiat money from digital asset accounts, requiring compliance with the principles of \u201cdecentralized app<\/a>roval authority, multi-sign approval authority, and check and balance.\u201d According to the regulator, the rules would strengthen investor protection and the reliability of crypto service providers, ensuring that records of investors\u2019 holdings are accurate and updated.<\/p>\n

Related: <\/em><\/strong>Thailand’s central bank warns against using digital currencies for payments<\/em><\/strong><\/p>\n

The SEC is now accepting public comments on newly proposed regulations until Sept. 22. The regulator did not immedia<\/a>tely respond to Cointelegraph\u2019s request for comment.<\/p>\n

The Thai SEC has been actively introducing new crypto industry regulations this year amid booming cryptocurrency adoption in the country. In March, the authority proposed to impose a $32,000 minimum annual income requirement for investing in cryptocurrencies like Bitcoin (BTC). The regulator previously banned crypto exchanges from handling certain token types including nonfungible tokens in June.<\/p>\n