
- Thai SEC has launched a regulatory sandbox for crypto companies.
- The sandbox will test the implementation of various crypto-related services.
- Applicants for the sandbox must comply with certain requirements.
Thailandโs Securities and Exchange Commission (SEC) announced Friday the launch of its regulatory sandbox to facilitate the testing and development of various crypto-related services.
The development marks a continuation of Thailandโs shifting stance toward a crypto-friendly nation. It follows the cabinetโs blessing of a tax exemption for crypto earnings in March and the SECโs approval of the countryโs first spot Bitcoin ETF on June 4.
Thailandโs Digital Asset Regulatory Sandbox
In a statement dated August 9, Thailandโs SEC said it is now accepting applications from cryptocurrency companies seeking to participate in the sandbox.
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The eligible crypto-related services that will be tested in the sandbox include digital asset exchange, digital asset dealer, digital asset broker, digital asset advisor, digital asset fund manager, and digital asset custodial service provider.
โThe Sandbox participants must incorporate their innovations into the development of digital asset services in the Thai capital market or must participate in a sandbox of the money market regulatory agency.โ The SEC wrote.
Per the statement, the securities watchdog will evaluate the participantsโ qualifications in multiple areas to ensure they are ready to provide services within the sandbox. This includes the participantโs management structure, work systems, capital adequacy, and โconditions for relevant operations under the Sandbox.โ
Additionally, the SEC will require participants to specify the scope of services they intend to offer in the sandbox to mitigate risks and widespread impacts that may arise during the testing period of no longer than a year from the approval date.
The SEC said participants would be allowed to request an extension for their service testing period.
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