Thailand's SEC Updates Regulatory Framework For Digital Asset Businesses

Thailand's Securities and Exchange Commission (SEC) has announced three new regulatory requirements, which primarily require digital asset business operators to provide investors with training or a knowledge test on cryptocurrencies and to disclose information about the quality of their service and IT usage capacity.

The amended SEC notification detailing these new obligations was promulgated on July 1, 2022; however, the measures come into effect separately, as detailed below.

Training or Testing on Cryptocurrency

From August 30, 2022, cryptocurrency exchanges, brokers, and dealers must provide guidance and education to their clients on basic asset allocation suitable to their capacity. These types of digital asset business operators must also provide for training or a knowledge test on cryptocurrency. The content should at least cover cryptocurrency, blockchain technology, digital wallets, and an overview of the market and investments.