The Asian financial regulator has introduced strict requirements for cryptocurrency companies. The Securities and Exchange Commission of Thailand has approved important transfer rules. The new regulations require operators to collect data on transaction senders. Companies must also transmit information about recipients of digital assets. These requirements will come into legal force on February 27. The approved rules will help prevent the use of services for money laundering. Operators must manage risks in accordance with international standards.
The Commission developed the requirements jointly with the relevant anti-money laundering authority. The interim rules will remain in effect until separate regulatory acts are adopted. Operators are required to develop specific policies for managing financial risks. Companies must collect information about clients and their counterparties. Market participants are obliged to conduct proper due diligence on all their counterparties. Operators must verify the qualifications of digital financial asset service providers. Companies are required to verify ownership of non-custodial cryptocurrency wallets.
Transfer initiators are required to pass important beneficiary data to the counterparty. This information is transmitted together with the asset transfer instruction. Operators must store information on each transaction for five years. The data must be stored in a format convenient for the supervisory authority. The regulator will be able to promptly obtain and verify this financial information. Digital asset operators must prepare dedicated data transmission systems. Companies are also required to configure comprehensive monitoring of all passing transactions. The Secretary-General of the Commission noted the importance of combating technology-related crimes. Pornanong Budsarakham emphasized the need to prevent money laundering of client funds.
The implementation of the new rules will strengthen the fight against the financing of modern terrorism. The regulator expects the local industry to fully comply with international FATF standards. The new requirements will significantly increase trust in the digital asset ecosystem. These measures will facilitate integration with global financial markets. Previously, the national regulator issued recommendations for launching cryptocurrency funds. Exchange-traded funds will become an important instrument for local institutional investors. Thailand is confidently building a transparent legal framework for digital assets. Strict rules will help attract large foreign capital into the country.
Local cryptocurrency exchanges will receive clear rules for day-to-day operations. Users will be able to safely conduct international transfers through licensed platforms. The global cryptocurrency community is closely watching Asian financial markets. Thailand's successful experience may serve as an example for other countries. Digital assets are gradually integrating into the traditional global economic system.