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SEC public hearing on proposed amendments to the regulations regarding record keeping of digital asset business operators



Wednesday 15 May 2024 | No. 98 / 2024


Bangkok, 15 May 2024 – The Securities and Exchange Commission (SEC) is seeking public comments on proposed amendments to the regulations regarding record keeping of digital asset business operators (DA operators) to ensure that  their information is accurate, complete and updated, enabling effective and timely monitoring and supervision. The proposed amendments would also enhance trust and confidence in Thailand’s digital asset business sector. 

In 2018, the SEC issued regulations governing the management and storage of data related to digital asset business operations. It is now deemed appropriate to amend the regulations to ensure accurate, complete, and up-to-date documentation by DA operators, including the safekeeping of client assets and the transactions of investment management. The proposed amendments would provide the SEC with sufficient information to effectively monitor and assess risks in business operations and keep pace with current circumstances. Additionally, they would enhance trust and confidence among stakeholders.
 
The SEC is therefore conducting this public hearing on the proposed amendments to the management and storage of data related to the undertaking of digital asset businesses related to safekeeping of additional documentation of such business operations. The key points of the proposed amendments are as follows:
          (1) DA operators would be required to keep records related to the custody of client fund issued by the custodial bank, and records related to the custody of client digital assets issued by digital asset custodians permitted to provide such services legally;
          (2)  DA fund managers would be required to keep documentation of their activities related to digital asset fund management, including documentation regarding consideration and decision making on digital asset investment activities.

In this regard, DA operators would be required to retain the accurate, complete and updated records mentioned above for at least five years from the date of such operations, with the requirement that during the first two years, the records must be stored in a format that readily accessible for the SEC’s review or inspection.
 
The consultation paper is available at: https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=989 and the legal hub at: https://law.go.th/. Stakeholders and Interested parties are welcome to submit comments and recommendations via the websites or emails: wongsakorn@sec.or.th or dpsec@sec.or.th. The public hearing ends on 30 May 2024.

__________________

Note:
* Notification of the Office of the Securities and Exchange Commission No. Sor Thor. 36/2561 Re: Management and Record Keeping of Data related to Undertaking of Digital Asset Businesses, dated 11 July 2018: https://publish.sec.or.th/nrs/8799s.pdf. 





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Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 98 / 2024 Wednesday 15 May 2024
SEC public hearing on proposed amendments to the regulations regarding record keeping of digital asset business operators

Bangkok, 15 May 2024 – The Securities and Exchange Commission (SEC) is seeking public comments on proposed amendments to the regulations regarding record keeping of digital asset business operators (DA operators) to ensure that  their information is accurate, complete and updated, enabling effective and timely monitoring and supervision. The proposed amendments would also enhance trust and confidence in Thailand’s digital asset business sector. 

In 2018, the SEC issued regulations governing the management and storage of data related to digital asset business operations. It is now deemed appropriate to amend the regulations to ensure accurate, complete, and up-to-date documentation by DA operators, including the safekeeping of client assets and the transactions of investment management. The proposed amendments would provide the SEC with sufficient information to effectively monitor and assess risks in business operations and keep pace with current circumstances. Additionally, they would enhance trust and confidence among stakeholders.
 
The SEC is therefore conducting this public hearing on the proposed amendments to the management and storage of data related to the undertaking of digital asset businesses related to safekeeping of additional documentation of such business operations. The key points of the proposed amendments are as follows:
          (1) DA operators would be required to keep records related to the custody of client fund issued by the custodial bank, and records related to the custody of client digital assets issued by digital asset custodians permitted to provide such services legally;
          (2)  DA fund managers would be required to keep documentation of their activities related to digital asset fund management, including documentation regarding consideration and decision making on digital asset investment activities.

In this regard, DA operators would be required to retain the accurate, complete and updated records mentioned above for at least five years from the date of such operations, with the requirement that during the first two years, the records must be stored in a format that readily accessible for the SEC’s review or inspection.
 
The consultation paper is available at: https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=989 and the legal hub at: https://law.go.th/. Stakeholders and Interested parties are welcome to submit comments and recommendations via the websites or emails: wongsakorn@sec.or.th or dpsec@sec.or.th. The public hearing ends on 30 May 2024.

__________________

Note:
* Notification of the Office of the Securities and Exchange Commission No. Sor Thor. 36/2561 Re: Management and Record Keeping of Data related to Undertaking of Digital Asset Businesses, dated 11 July 2018: https://publish.sec.or.th/nrs/8799s.pdf.