Thailand to require crypto wallet ownership verification

Thailand’s Securities and Exchange Commission (SEC) has issued regulations requiring digital asset business operators to implement risk management measures for the transfer and receipt of digital assets under the Travel Rule for Digital Assets, including crypto wallet ownership verification.

It said the rules aim to ensure that digital asset operators have sufficient information to assess and manage money laundering risks in line with international standards and prevent their services from being misused for money laundering and technology-related crimes, Caliber.Az reports.

The SEC developed the regulations in cooperation with relevant government agencies and private-sector partners. The Subcommittee on Financial Data Connectivity for Enhancing the Monitoring of Suspicious Financial Transactions instructed the SEC, together with the Anti-Money Laundering Office (AMLO), to introduce interim requirements for digital asset operators while AMLO prepares regulations under the Anti-Money Laundering Act.

The regulations will take effect on February 27, 2027, giving digital asset operators time to develop systems for information transmission, receipt and transaction monitoring.

Operators will be required to verify that users control their self-hosted wallets and check the other party involved in the transfer. If other crypto service providers are involved in the transaction chain, operators must confirm that they are licensed virtual asset service providers (VASPs).

In addition, companies will be required to retain transaction data for at least five years and provide it to the regulator upon request.

By Bakhtiyar Abbasov