SEC drafts rules for wallet clarity

The Securities and Exchange Commission (SEC) is seeking public comments on draft regulations to establish a new licence for custodial digital asset wallet providers to ensure safe and standardised custody.

If passed, the new licence would differentiate the roles of digital exchanges from wallet providers, as exchanges currently also serve as wallet providers and custodians of their customers’ assets.

According to the SEC’s documents for the hearing, the draft regulations for the supervision of digital asset custodial wallet providers as well as the draft amendment to the regulations for custody of customers’ assets are to ensure proper, standardised and effective supervision of digital asset businesses. Another goal is to prevent misuse of digital assets as a tool for committing crimes.

On July 1, the SEC passed a resolution approving a review of digital asset business regulations to specify a digital asset custodial wallet provider as a digital asset business required to apply for a licence.

The SEC draft takes into consideration the comments and recommendations received from business operators and the public concerning the proposal.

The drafted regulations specify digital asset custodial wallet provider as a digital asset business which is required to apply for a license, obtain the qualifications and comply with the governing regulations before providing the service.

In addition to licensing, the regulations require digital asset custody businesses to establish a wallet management system and a key management system for digital wallet management.

The system requires service users to disclose information on their digital asset wallets for the purpose of identifying the account owner.

In addition, on Nov 4 the SEC passed a resolution approving in principle the amendment to the regulations for the custody of customers’ assets, for both digital asset business operators and digital asset wallet providers.

The Notification of the SEC No. Kor Thor. 19/2561 Re: Rules, Conditions and Procedures for Undertaking Digital Asset Businesses is being revised to incorporate this amendment.

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