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  • SEC urges companies with Digital Assets to protect against cybertheft

SEC urges companies with digital assets to enhance risk management policies and procedures to protect against cybertheft

20 June 2022

On June 14, 2022, the SEC urged all listed companies investing or operating business related to digitals assets to ensure an internal control and risk management system be in place to protect against cybertheft, in light of increasing activity in digital assets and the high price volatilities witnessed on 17 September last year.

The Commission has simultaneously highlighted the need for strong internal control systems with appropriate segregation of duties between the safeguarding of wallets and the purchase, sale, or transfer, or storage of digital assets, where custodians should be licensed and well-regulated. Particularly, a robust control system which will protect against cybertheft involves traceability, transparency, and strict adherence to applicable regulations.

In addition, audit committees have been requested to provide their opinion on the sufficiency of such controls related to digital assets in the 56-1 One Report for the information of shareholders

Source: Thai SEC News