A regulatory sandbox to test and develop innovations. A sandbox intended to establish efficient crypto-related services. The regulatory agency of Thailand 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. Post it on its website.
Interested parties are welcome to participate in the Digital Asset Regulatory Sandbox to test their crypto-related services and encourage innovative development, the SEC said.
After holding hearings on the matter in March, the SEC issued rules on eligibility and determined which services were eligible to participate in the trials, which included exchanges, brokers, dealers, fund managers, advisors and custodial wallet providers.
Thailand began to evolve into a more crypto-friendly country this year, when the SEC in March allowed money managers to launch private funds for US spot bitcoin ETFs, albeit only for institutional and wealthy investors. News reported.
And in February, the country exempted crypto traders from paying a hefty tax in a bid to further its ambitions to become an Asian digital assets hub. News reported quoting local media.
Thailand's SEC said it will consider sandbox applicants' qualifications, capital adequacy, work systems, management structure and conditions for related activities to ensure participants are well prepared.
Participants must specify the specific scope of their services for the sandbox to minimize risks.
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