- Regulatory sandbox for testing and developing innovations.
- Sandbox aimed at establishing efficient cryptography-related services.
- Thailand’s regulatory agency invites participants.
Thailand’s Securities and Exchange Commission (SEC) has launched a regulatory sandbox to develop and test innovations aimed at establishing efficient crypto-related services, it said in a post on its website.
The SEC said interested parties are invited to participate in the Digital Asset Regulatory Sandbox to test their crypto-related services and promote innovative development.
After holding hearings on the issue in March, the SEC issued regulations on qualifications and determined which services are eligible to participate in the trials, including exchanges, brokers, dealers, money managers, advisers and custody wallet providers.
Thailand started to become a more crypto-friendly country this year, as in March the SEC allowed fund managers to launch private funds for spot Bitcoin ETFs in the US, but only for institutional and high-net-worth investors. DL News reported.
And in February, the country exempted cryptocurrency traders from paying a hefty tax in a bid to further its ambitions to become an Asian digital asset hub, DL News reported, citing local media.
The Thai SEC said it would consider the qualifications of sandbox applicants, including capital adequacy, working systems, management structure and terms of relevant operations, to ensure participants are well prepared.
She added that participants should clarify the specific scope of their services for the Sandbox to reduce risks.
Cryptocurrency Market Players
- Bitcoin is up 1.06% today at $61,069.57.
- Ethereum is up 1.53% today at $2,655.20.
