The Crypto Basic

Thailand’s Securities and Exchange Commission (SEC) has issued Travel Rule requirements for digital asset businesses, extending compliance checks to transfers involving self-hosted wallets as the country brings its crypto oversight closer to international anti-money laundering (AML) standards.

The SEC announced the regulations on Wednesday. They will take effect on Feb. 27, 2027, giving digital asset operators nearly six months to develop systems for transmitting, receiving, and monitoring information tied to crypto transfers.

Self-Hosted Wallet Transfers Face Ownership Checks

Under the framework, digital asset operators must collect information on customers and their counterparties in connection with digital asset transfers. Operators must also verify ownership of, or control over, self-hosted wallets when customers transfer digital assets to or receive them from such wallets.

Self-custodial wallets differ from wallets operated by centralized exchanges (CEXs) or other custodians because users directly control the private keys required to access and transfer their crypto assets.

Operators must retain information accompanying every digital asset transaction for at least five years in a form that allows supervisory authorities to promptly retrieve or examine it.

For transfers between regulated operators, the originating operator must send information identifying the originator and beneficiary with the transfer order. If a digital asset transfer involves an intermediary operator, the originating operator must confirm that the intermediary is appropriately qualified.

The SEC said the measures are intended to improve operators’ ability to manage money-laundering risks and prevent digital asset services from being used for technology-related crime. SEC Secretary-General Pornanong Budsaratragoon said the framework would also reduce the risk of operators being used for money laundering and terrorist financing.

Thailand’s changes come as more jurisdictions implement the Financial Action Task Force’s standards for virtual assets. FATF said in July that 83% of the jurisdictions covered by the relevant portion of its 2026 survey, or 91 of 109, had passed Travel Rule legislation, up from 73% in 2025. 

Final Rules Follow Two Public Consultations

The SEC first sought public feedback on proposed Travel Rule principles in March before opening another consultation on draft regulations in June. Most stakeholders participating in the initial consultation supported the proposed principles, according to the regulator.

The Travel Rule forms part of a broader period of crypto rulemaking in Thailand, while the SEC is separately considering measures that would expand investor access to regulated digital asset products.

On Monday, the SEC proposed allowing intermediaries to provide retail investors with access to certain crypto derivatives traded on regulated overseas exchanges. 

Days earlier, the regulator advanced proposed rules covering spot Bitcoin and Ethereum exchange-traded funds and sought feedback on requirements governing foreign digital asset custodians used by funds investing in cryptocurrencies.

Strategy CEO Phong Le said the company was justified in unloading Bitcoin in the $60,000 range before later re-entering the market at higher levels, arguing that its cryptocurrency transactions depend on financing economics rather than Bitcoin’s spot price.

Le told Bloomberg TV on Tuesday that selling Bitcoin to cover some dividends on Strategy’s preferred stock was the appropriate transaction at the time. He said the company now sees favorable economics in issuing MSTR shares at a premium and using the proceeds to acquire Bitcoin.

Balance-Sheet Overhaul Preceded Renewed Bitcoin Buying

Strategy suspended Bitcoin purchases for about 10 weeks as it strengthened its finances. According to Le, the company brought net debt down to zero from roughly $7 billion and accumulated about $7 billion in cash reserves during that period.

The company sold roughly 7,000 BTC while purchases were paused, with Bitcoin changing hands around $60,000 to $65,000. Le said those disposals amounted to less than 1% of Strategy’s Bitcoin position, while its holdings have grown by about 30% this year.

Strategy returned to the market last week, spending about $369.7 million on 4,603 BTC at an average price of $80,318. The acquisition increased its total holdings to 845,050 BTC, valued at roughly $65 billion at current prices.

Le described Strategy as a net accumulator of Bitcoin but said the company’s approach allows transactions in both directions when financial conditions warrant. He said even substantially higher Bitcoin prices would not necessarily stop Strategy from buying, citing $90,000, $100,000 and $130,000 as levels at which purchases could still make financial sense depending on the economics of raising capital.

Bernstein Keeps Outperform Rating, Lowers Strategy Target

Strategy’s renewed Bitcoin accumulation comes as analysts reassess the outlook for the company’s shares. Bernstein analysts maintained an “Outperform” rating on Strategy last week while reducing their price target to $350 from $450. The analysts also forecast Bitcoin reaching $150,000 by mid-2027.

Bitcoin was trading near $77,000 early Wednesday, down about 1.1% over the past 24 hours, according to CoinGecko. Strategy shares finished Tuesday at $124.88, a decline of 6.1% for the session.

Britain’s National Crime Agency (NCA) has frozen £10 million ($13.5 million) held in a Premier League bank account while investigating potential links between the funds and alleged third-party criminality. The money was reportedly paid by blockchain fantasy sports company Sorare under its former licensing agreement with the league.

The account-freezing order was obtained from Westminster Magistrates’ Court in January 2025, according to The Sun, which first reported the action. The measure prevents the money from being moved while the NCA investigates its potential links to alleged criminal activity involving third parties.

There is no allegation of wrongdoing by the Premier League.

Sorare Faces Separate UK Gambling Case

Sorare operates a fantasy sports platform where users collect and trade blockchain-based digital player cards and use them in competitions tied to athletes’ real-world performances.

The UK Gambling Commission charged Sorare in 2024 with providing gambling facilities to consumers in Britain without an operating licence. Sorare has denied that its product constitutes gambling under UK law. The case is scheduled for trial in June 2027.

The Premier League announced a four-year licensing agreement with Sorare in January 2023 covering digital player cards featuring players from all 20 clubs. The deal was reported to be worth about £120 million ($162 million) and ended after the 2025-26 season.

The Gambling Commission prosecution is separate from the NCA action. Publicly available information does not establish that the account-freezing order is based on the gambling case against Sorare.

UK Regulators Scrutinize Football Sponsorships

The freezing order comes amid broader scrutiny of financial and crypto companies associated with British football, although the Financial Conduct Authority’s actions are separate from the NCA investigation.

In June, the FCA said it had written to football clubs, mainly in the Premier League, about sponsorship relationships with financial firms that are not authorised to operate in the UK. The regulator said clubs should conduct due diligence before entering such agreements and continue monitoring sponsors afterward.

Crypto companies nevertheless maintain a significant presence in Premier League sponsorships. Circle, the issuer of the USDC stablecoin, became Chelsea’s front-of-shirt sponsor in August, while crypto exchange OKX has a sponsorship agreement with Manchester City.

G20 finance ministers and central bank governors committed to developing regulatory and supervisory frameworks for digital assets that support innovation and economic growth while safeguarding financial stability, according to a Chair’s Statement following a two-day meeting in Asheville, North Carolina.

The officials said digital financial innovation, including digital assets, could contribute to broad-based economic growth, with the private sector playing a central role in developing the technology. 

G20 Awaits FSB Findings on Global Stablecoins

The G20 said its approach would seek to accommodate responsible digital finance and digital-asset innovation while accounting for potential issues and opportunities that extend across borders.

As part of that work, officials are awaiting Financial Stability Board (FSB) findings on global stablecoin arrangements, including their cross-border implications and issues involving the availability and sources of stablecoin data.

Cross-Border Payments Work Remains a Priority

The focus on cross-border issues also extends to the G20’s broader payments agenda. Finance ministers and central bank governors reaffirmed their commitment to the G20 Roadmap for Enhancing Cross-border Payments and called on countries to pursue longer operating hours for large-value payment systems.

Several G20 jurisdictions, including the United States, the European Union, and Japan, have already introduced frameworks covering digital assets or stablecoins as policymakers examine their potential to improve the efficiency and accessibility of financial and payment systems.