Thailand SEC proposes revised net-capital rules for digital asset operators

The draft adds counterparty, settlement and fund-management risk

Operators using the NC-1 capital framework would have three additional risk categories reflected in their capital calculations: counterparty risk, settlement risk and fund-management risk. Related changes would adjust the net-capital formula and definitions used when calculating capital requirements, including how certain insurance policies can offset custody-related risk charges.

NC-1 covers digital asset exchanges, brokers and dealers, as well as digital asset fund managers and advisers that provide custody of customer assets. The consultation also reaches firms that combine digital asset activities with securities or derivatives businesses, including proposed changes to minimum-capital thresholds that can trigger suspension of business activities.

For practical context, see Thailand economy and finance. This development also connects with Thailand Advances New Capital Rules for Crypto Operators.

Local execution and custody would come with tighter operating conditions

One of the more practical changes would allow digital asset brokers, subject to specified conditions, to use Thai digital asset exchanges for trade execution and custody of customer assets. The proposed framework adds requirements around counterparty selection, contracts, disclosures, regulatory reporting, safekeeping and wallet management when brokers and exchanges work together.

For digital asset custodians, the SEC is proposing tiered risk-charge rates and stronger safeguards for customer assets. The draft specifically calls for segregation of each customer’s digital asset wallet and the use of advanced technology for managing keys and wallets. The policy objective is to support more domestic activity while making capital requirements more closely reflect the risks taken by each operator.

**Stronger infrastructure rules are not an asset guarantee**

For customers, the proposal is mainly about the resilience and accountability of licensed intermediaries. More granular capital charges and custody standards may change how firms manage operational exposures, but they do not turn digital assets into insured deposits or remove market, technology and counterparty risk.

Nothing in the 11 September announcement makes the draft rules immediately binding on platform users. Comments can be submitted until 11 October 2026, and the final requirements may change after the consultation, so customers should distinguish the SEC’s current proposal from rules that have actually taken effect.