The SEC has provided guidelines for promoting the growth of digital asset custodial wallet providers (DA custodians) by supporting them in maintaining appropriate costs. This initiative aims to increase alternatives for digital asset businesses seeking to store client assets with domestic DA custodians. Additionally, the SEC is working to enhance the digital token ecosystem by facilitating both primary market offerings and secondary market trading. To achieve this, the SEC is reducing the NC requirements imposed on digital asset businesses for risks associated with asset custody (custody risk), particularly for digital tokens without custody risk. 

On 6 March 2025, the SEC Board’s Meeting passed a resolution approving revision to the net capital ("NC") requirements of digital asset business operators. The key points of the revisions are as follows:   

        (1) Revision to the NC Requirements for DA Custodians: Reducing the NC rate for cold wallets used in digital asset custody services from 2% to 1%. This adjustment aims to encourage more domestic service providers and lower business costs. Additionally, the required proportion of client assets stored in cold wallets will be increased from at least 90% to 95%. The new regulations would also prohibit DA custodians from outsourcing client asset custody to third-party service providers (no sub-custody allowed). Other regulatory requirements have also been updated to align with those applicable to other digital asset businesses that hold client assets; *  

        (2) Revision to the Risk Charge Requirements for Digital Tokens without Custody Risk: Granting an exemption from the NC Custody Risk requirement for digital tokens** stored by digital asset business operators in hot and cold wallets, provided that such digital tokens meet the specified conditions***. Additionally, mandatory deposits with DA custodians would not be required.

The SEC will draft a notification of the proposed amendments and conduct a public hearing with stakeholders before finalizing the governing regulations.  

Remark:

* This covers the use of the same coin for maintaining NC, the revision to the definition of insurance policy, and the proceedings in case of failure to meet the NC requirements.  

** “Digital Token” shall have the same meaning as defined in the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018): https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/RoyalEnactment/enactment-digitalasset2561.pdf

*** For example, relevant service providers must have accessible contact and coordination services in Thailand, or the conditions for issuing new tokens (re-issue) must be clearly specified in the filing documents.