Thailand has published the rules for the operation of cryptocurrency wallet operators

The Thai Securities and Exchange Commission (SEC) Issues Rules for Virtual Asset Service Providers (VASPs).

The rules require attention to the creation of an effective digital wallet management system in order to guarantee the safety of assets to users.. The document sets out several basic requirements, the main of which is the development of clear policies and guidelines for risk control – suppliers will be required to alert regulators and provide detailed reports.

The SEC wants to understand how digital wallets and their keys are designed, developed and managed. In addition, the Thai authorities require cryptocurrency operators to draw up a contingency plan in case of unforeseen situations that may cause problems in the wallet management system.

Moreover, the SEC insists that VASPs should organize regular security audits.. And if an unforeseen situation that jeopardizes users' assets occurs, organize an investigation. The new rules came into effect on January 16.

Earlier, the SEC of Thailand announced the launch of the “Crypto Academy”, where investors will be offered free online courses on digital assets.