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Thailand SEC Rolls Out Crypto Regulatory Sandbox

Thailand SEC Rolls Out Crypto Regulatory Sandbox

DailyCoinDailyCoin2024/08/09 16:06
By:DailyCoin
  • 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.

Thailand’s 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 Thailand’s shifting stance toward a crypto-friendly nation. It follows the cabinet’s blessing of a tax exemption for crypto earnings in March and the SEC’s approval of the country’s first spot Bitcoin ETF on June 4.

Thailand’s Digital Asset Regulatory Sandbox

In a statement dated August 9, Thailand’s 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.

“The 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.” The SEC wrote.

Per the statement, the securities watchdog will evaluate the participants’ qualifications in multiple areas to ensure they are ready to provide services within the sandbox. This includes the participant’s management structure, work systems, capital adequacy, and “conditions for relevant operations under the Sandbox.”

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.

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The SEC said participants would be allowed to request an extension for their service testing period.

Read about the ApeCoin DAO’s plan for a luxury hotel in Thailand:
BAYC-Themed ApeCoin Plans Luxury Hotel in Thailand

Stay updated on the former Wemade CEO’s legal trouble in South Korea:
Korea Prosecutes Former Wemade CEO for Withholding WEMIX Token Sales Data

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