Bangkok: The SEC is open to receiving comments on principles and draft announcements on the NC criteria of DA Custodian and the customer asset custody system until June 28. The Securities and Exchange Commission (SEC) is open to comments on the draft announcement on capital requirements for digital asset custodial wallet providers (DA Custodians) and customer asset custody systems to support service providers in having appropriate business costs and being able to adequately monitor customer asset custody systems and in proportion to law enforcement.
According to Thai News Agency, the SEC has a guideline to promote the number of DA Custodians under its supervision by supporting service providers to have appropriate costs in order to increase options for digital asset business operators who wish to deposit customer assets with DA Custodians in the country and to enhance the digital token ecosystem, both in terms of offering in the primary market and trading in the secondary market. This initiative aims to reduce the burden on digital asset business operators in maintaining capital funds (NC) in cases where such assets are digital tokens that do not have risks that may arise from the custody of customer assets, and allowing the SEC to monitor the asset custody system of digital asset business operators appropriately, adequately, and proportionately with law enforcement.
The SEC is therefore open to receiving comments on the principles and draft announcements, together with draft appended documents, with the following main points: improving the DA Custodian’s criteria to reduce the cost burden of maintaining NC, increase the safety of customer assets, and place the safekeeping of customer assets, which is the core business, directly under the responsibility of the DA Custodian. Additionally, the draft seeks to improve the digital token criteria in terms of maintaining NC for custody risk and the deposit of customers’ digital assets of that type with the DA Custodian.