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Thailand’s SEC has finalized its Travel Rule for digital assets, requiring licensed operators to collect and transmit information on crypto senders and recipients.
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Transfers involving self-hosted wallets will require operators to verify ownership or control, bringing private wallets deeper into exchange compliance checks.
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Transaction-related records must be kept for at least five years, with the rules taking effect on Feb. 27, 2027.
Thailand is tightening oversight of crypto transfers with new rules that will require digital asset businesses to identify transaction counterparties, check self-hosted wallets and retain transfer records for at least five years.
The Securities and Exchange Commission announced the finalized Travel Rule for Digital Assets on Sept. 2, following consultations earlier this year.
The framework applies to regulated digital asset operators and is designed to provide firms with sufficient information to assess money-laundering and technology-crime risks associated with crypto transfers.
Thailand Crypto Exchanges Will Need More Transfer Data
Under the rules, operators sending crypto on behalf of customers must pass information about both the originator and the beneficiary to the digital asset provider receiving the transfer.
Platforms must also conduct due diligence on counterparties and verify the status of other digital asset service providers involved in a transaction route.
That makes crypto transfers through regulated Thai platforms look increasingly similar to conventional bank transfers, where identifying information accompanies the movement of funds.
The SEC says the rules will take effect on Feb. 27, 2027, giving companies nearly six months to update their compliance and data-sharing systems.
Self-Hosted Crypto Wallets Face Ownership Checks
The more significant change for individual users involves self-hosted wallets.
When customers send assets from an exchange to a wallet they control, or deposit crypto from one, Thai digital asset operators will have to verify ownership of or control over that wallet.
The regulation does not ban self-custody or impose the Travel Rule directly on transactions between two private wallets.
Instead, the compliance requirement applies when a regulated operator sits on one side of the transfer.
That distinction follows the wider approach taken by the Financial Action Task Force. FATF guidance does not directly subject peer-to-peer transfers between two unhosted wallets to the Travel Rule, but it expects regulated providers to manage the risks when their customers transact with such wallets.
Source: finance.yahoo.com