On 10 November 2023, the SEC Board Meeting No. 15/2566 passed a resolution approving a regulatory review on the supervision of digital asset custodial wallet providers. The approval included granting an exemption to the case where the custodial services provided by digital asset issuers, which involves keeping only the issued digital asset on behalf of their clients, does not fall within the activity of a digital asset custodial wallet provider under the law. This decision aligned with the intention of regulating businesses providing services as mentioned above and aimed to reduce burdens and costs for these business operators. The SEC solicited feedback on the proposed principles and draft regulations from the public and stakeholders in July 2566. Most respondents supported the proposed changes.  

The SEC has issued a notification specifying the exemption pursuant to the aforementioned principles and prescribing relevant criteria. The notification has been published in the Royal Gazette and has become effective since 16 January 2024. 

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Remark:

The notification of relevant regulations is:

1. Notification of the Securities and Exchange Commission No. Kor Thor. 22/2566 Re: Determination of Characteristics of Services Not Deemed to Be Undertaking Digital Asset Business in the Category of Digital Asset Custodial Wallet Provider (No. 2) dated 14 December 2023: (https://publish.sec.or.th/nrs/10022s.pdf).