SEC has amended regulations regarding digital asset businesses to support custodial wallet providers with expertise and experience. Amendments allow more providers to offer services to digital asset operators with same shareholders.
Bangkok, 17 January 2025 – The Securities and Exchange Commission (SEC) has revised its regulations on digital asset businesses to accommodate custodial wallet providers from experienced and qualified business groups. These providers must demonstrate expertise and readiness in safeguarding financial assets while serving digital asset operators with shared major shareholders, provided they adhere to independence rules. The updated regulations came into effect on 16 January 2025.
The SEC held a public hearing on proposed regulations to support diverse digital asset custodial wallet providers, allowing them to serve operators with shared major shareholders. Current rules limit providers to listed companies or their subsidiaries. Most respondents supported the amendments.
The SEC has revised the regulations with the following key updates: 1. Permitting digital asset custodial wallet providers from designated business groups with the necessary expertise, experience, and capability to directly manage financial assets to offer services to digital asset business operators sharing the same major shareholders. 2. Mandating that the digital asset custodial wallet providers mentioned in (1) adhere to the independence rules set forth by the SEC.
