You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

February 10, 2023

Thailand’s SEC Sets Security Measure Requirements for Digital Asset Custody

Subscribe to Updates

On January 16, 2023, Thailand’s Securities and Exchange Commission (SEC) prescribed a set of security measures that digital asset business operators must implement if they provide custody of digital assets for their customers. The new security measures are prescribed in two notifications from the SEC and its office on digital asset wallet management systems and cryptographic key management systems, with the aim of safeguarding digital assets in custody against loss, fraud, and cybertheft. The notifications took immediate effect.

The new security measures and the management systems are summarized below.

Policy and guidelines for managing systems related to digital asset custody
Digital asset business operators must have a written risk management policy for all systems relating to digital asset custody, approved by their board of directors and made accessible to all employees. The policy must be reviewed or revised at least once annually, or promptly if any potential risks are identified. Specific procedures must be implemented, such as establishment of a compliance team and internal controls.

Management of systems for digital asset wallets and cryptographic keys
Digital asset business operators must have policies and procedures for managing all systems relating to digital asset custody. This includes properly designing, developing, and managing digital asset wallets in a safe and secure manner. The same requirement on policies and procedures applies to cryptographic key management as well.

Management of incidents that may affect systems related to digital asset custody
Digital asset business operators must have measures in place to manage incidents that may impact systems related to digital asset custody. The measures include designating a person responsible for incident management, testing and reviewing the incident management policy annually, reporting any incidents affecting digital asset custody to the designated responsible person and the SEC immediately, and conducting a digital forensic investigation with an independent specialist, if necessary.

If an incident affects the security of systems related to digital asset custody and has a significant impact on customers’ assets, the digital asset business operator must conduct a digital forensic investigation and report the investigation results to the SEC. The operator must also develop a plan to resolve the issues, along with measures to prevent reoccurrence. Documentary evidence of the incident management must be maintained for at least two years.

Implementation
Digital asset business operators that provided digital asset custody services to customers prior to January 16, 2023, are required to implement the new security measures specified in the notifications at the earliest opportunity, and no later than July 16, 2023 (i.e., six months from the effective date of the notification).

Related Professionals

Industries

Fintech

Technology

Practices

Banking and Finance

Capital Markets

Location

RELATED INSIGHTS​ 

July 8, 2026
On July 7, 2026, the Trade Competition Commission of Thailand (TCCT) issued a press release announcing the establishment of two new subcommittees designed to intensify oversight of digital platforms and modern trade businesses. The formation of the digital platform subcommittee marks a significant escalation in competition enforcement following the TCCT’s Guidelines on Multi-Sided Platforms and E-Commerce Businesses, which took effect on March 25, 2026. Platform operators, sellers, and related service providers should expect heightened regulatory scrutiny and potential investigations into practices already flagged under the March guidelines. Two Dedicated Enforcement Bodies The first new body is the digital platform subcommittee—formally the Subcommittee on Supervision, Monitoring, and Prevention of Trade Conduct in Digital Platform Business. It is tasked with driving intensive oversight of digital platform businesses. It will coordinate with government agencies, the private sector, business operators, and other relevant stakeholders to supervise and prevent trade conduct that may affect competition, and to promote free and fair competition in the digital platform sector. The subcommittee will be composed of TCCT members and representatives from the Department of Internal Trade. The second body—the Subcommittee on Determining Guidelines and Action Plans Concerning Competition Conditions in Modern Wholesale and Retail Business—will study, analyze, and monitor market structure in modern wholesale and retail businesses, compile databases to analyze retail business concentration, assess impacts on small-scale operators, and propose supervisory measures for the retail sector. TCCT members will serve on the subcommittee alongside experts from government and private organizations, including the Office of Industrial Economics, the Office of Small and Medium Enterprises Promotion, the Thai SME Federation, and the Thai SME Council. Operational Impact for Industry Participants These subcommittees provide the TCCT with a focused mechanism to investigate various trade practices deemed unfair, and the TCCT has authority under the Trade Competition Act to issue cease-and-desist
Read More
July 6, 2026
Vietnam has introduced an official list of high-risk AI systems, triggering more stringent compliance obligations for developers, suppliers, and deployers operating in the country. On June 30, 2026, the prime minister issued Decision No. 33/2026/QD-TTg (Decision 33), which establishes the List of High-Risk AI Systems under the Law on Artificial Intelligence (AI Law) and Decree No. 142/2026/ND-CP (Decree 142). Decision 33 takes effect on August 15, 2026. Decision 33 is significant because only AI systems included on the list will be subject to the heightened compliance obligations applicable to high-risk AI systems under the AI Law and Decree 142. These include, among others, local presence requirements for foreign providers, mandatory conformity assessment before deployment, comprehensive risk management and data quality documentation, and strict liability for damages even when the provider is fully compliant. Decision 33 also specifies the applicable conformity assessment pathway for each listed system, indicating whether the system must undergo mandatory third-party conformity certification before being placed into use, or whether the provider may self-assess conformity or voluntarily engage a registered or recognized conformity assessment body. Which AI Systems Are Covered? Decision 33 identifies high-risk AI systems across six sectors—the key attributes of which are summarized below. Education: AI systems used for automated assessment, learner ranking, behavioral monitoring, or generating educational content from uncontrolled data sources. Ethnic affairs and religion: AI systems used to automatically score, classify, or rank applications for government ethnic policies; approve or reject regulatory applications; suspend benefits on suspicion of fraud; allocate budgets; or infer and classify individuals by ethnicity or religion for administrative purposes. Healthcare: AI-assisted surgical systems and autonomous AI-powered surgical robots. Banking: AI systems that autonomously conduct electronic banking transactions or make credit approval decisions. Judicial proceedings: Certain large-scale biometric identification systems used in public-interest civil proceedings. Transport: Thirty-one categories
Read More
July 6, 2026
Indonesia’s regulation on reporting online intellectual property (IP) infringement provides comprehensive procedural guidance for IP rights holders and their licensees in reporting online infringement complaints. Issued in December 2025 by the Ministry of Law as Regulation No. 47 of 2025 regarding Handling of Intellectual Property Infringement Reports in Electronic Systems, this regulation covers all types of IP rights. It also specifies documentation when reporting infringement, and lays out the procedures for examination, verification, and enforcement actions. Submission of Complaints Complainants may submit reports through the online system of the Directorate General of Intellectual Property (DGIP) or in person at the DGIP office. Complaints may also be filed through an authorized proxy. Under the regulation, complainants are required to provide the following information and documents: Personal details of the complainant; Brief description of the protected work or subject matter (i.e., type of IP and name or address of the infringing website, portal, account, or application, or a link to the location of the infringing content); Complete description of the alleged infringement; Certificate of registration or recordal of the relevant IP; Recordal of IP license agreement, if any; and Other supporting evidence. Verification and Examination Process Upon receiving a complaint, the responsible formality officer may request clarification or additional supporting documents. In the latter case, the complainant must then submit the necessary administrative documents within 14 days of the notification date. Once the documentation is deemed complete and sufficient, the case will be formally registered. Subsequently, the DGIP will establish a verification team to handle online IP violations, which will include the Civil Servant Investigator (PPNS), the Ministry of Communication and Digital Affairs, experts with relevant expertise in IP, and representatives from related associations such as AVISI (Indonesian Video Streaming Association). After examining the report, the team will prepare the Minutes
Read More
July 6, 2026
Tilleke & Gibbins has contributed the Vietnam chapter to Data Protection & Privacy 2027, a global guide published by Lexology Panoramic that provides comparative insights into data protection and privacy regimes across multiple jurisdictions. The Vietnam chapter offers a comprehensive overview of the country’s data protection framework, addressing both regulatory structure and practical compliance considerations for businesses operating in or engaging with Vietnam. Topics covered include: Law and the regulatory authority: Legislative framework; data protection authority; cooperation with other data protection authorities; breaches of data protection law; judicial review of data protection authority orders Scope: Exempt sectors and institutions; interception of communications and surveillance laws; other laws; personal information formats; extraterritoriality; covered uses of personal information Legitimate processing of personal information: Lawful bases for processing; grounds for legitimate processing; types of personal information Data handling responsibilities of owners of personal information: Transparency; exemptions from transparency obligations; data accuracy; data minimization; data retention; purpose limitation; automated decision-making Security: Security obligations; notification of data breaches; internal controls Accountability: Data protection officer requirements; record-keeping; risk assessment; design of personal information processing systems Registration and notification: Registration requirements; other transparency duties Sharing and cross-border transfers of personal information: Sharing with processors and service providers; restrictions on third-party disclosures; cross-border transfers; further transfers; localization requirements Rights of individuals: Right of access; other statutory rights; compensation Enforcement: Enforcement mechanisms; exemptions, derogations, and restrictions; further exemptions and restrictions Specific data processing: Cookies and similar technologies; electronic communications marketing; targeted advertising; sensitive personal information; profiling; cloud services The chapter concludes with an update on key legal and regulatory developments over the past year and emerging trends in Vietnam’s data protection landscape. The full Vietnam chapter is available as a PDF through the button below. Readers can also gain 30 days of complementary access to the full Data
Read More