Understanding the Travel Rule for Digital Assets

MGR Online•Economy•19d ago

Reader Briefing

The SEC implements the Travel Rule for digital asset businesses to enhance transparency and align with international FATF standards.

•The Travel Rule requires digital asset businesses to send sender and receiver information along with digital asset transactions.
•Digital asset businesses under the supervision of the SEC must comply with these regulations.
•Transactions exceeding 30,000 Baht require additional data, including the recipient's city and country.
•Thailand is scheduled for evaluation according to FATF standards in 2028.

•The Travel Rule requires sending digital asset businesses to provide transferor and transferee information to the receiving business to track the path of transactions.
•The rule aims to prevent technological crime and money laundering due to the speed and cross-border nature of digital asset movements.
•Implementation of the Travel Rule is intended to increase the credibility and transparency of the Thai digital asset market.
•The rule aligns with the Financial Action Task Force (FATF) international standards regarding money laundering and terrorism financing.
•Digital asset businesses under SEC supervision must collect customer and counterparty data, and verify counterparty VASPs or Intermediary Digital Asset Operators.
•For transactions not exceeding 30,000 Baht, the recipient's identity is required; for those exceeding 30,000 Baht, the recipient's city and country must be specified.
•Digital asset businesses must perform ownership verification for self-hosted wallet transactions exceeding 30,000 Baht.
•The Travel Rule becomes effective 180 days after its announcement in the Royal Gazette to allow businesses and users time to prepare.

Full article content is available on the original source.

SEC(ก.ล.ต.)

The regulator supervising digital asset businesses and determining the Travel Rule criteria.

Financial Action Task Force(FATF)ℹ️

The international body setting standards for combating money laundering and terrorism financing.

Royal Gazette(ราชกิจจานุเบกษา)

The official publication where the Travel Rule is announced before taking effect after 180 days.

Travel Rule for Digital Assets(Travel Rule สำหรับสินทรัพย์ดิจิทัล)

A regulation requiring the transmission of sender and receiver information during digital asset transactions.

Thailand(ประเทศไทย)ℹ️

The country scheduled for evaluation against FATF standards in 2028.