Thailand’s SEC has launched a regulatory sandbox to develop and test crypto-related services and innovations.
In a post on its website, the Securities and Exchange Commission (SEC) of Thailand announced the establishment of a regulatory laboratory for the purpose of testing and developing innovations that are intended to establish efficient crypto-related services.
The Securities and Exchange Commission (SEC) has announced that interested parties are encouraged to participate in the Digital Asset Regulatory Sandbox in order to evaluate their crypto-related services and encourage innovative development.
The SEC has issued regulations on qualifications and determined which services are eligible to participate in the trials after holding hearings on the matter in March. These services include exchanges, brokers, dealers, fund managers, advisers, and custodial wallet providers.
DL News reported that Thailand has begun to transition into a more crypto-friendly country this year. In March, the SEC permitted money managers to establish private funds for US spot Bitcoin ETFs, but only for institutional and affluent investors.
In an effort to further its ambitions to become an Asian digital assets center, the country exempted crypto traders from paying a substantial tax in February, according to DL News, which cited local media.
Thailand’s Securities and Exchange Commission (SEC) declared that it would evaluate the qualifications of sandbox applicants, including capital adequacy, work systems, management structure, and conditions for pertinent operations, to guarantee that participants are adequately prepared.
It was further stated that in order to mitigate risks, participants must specify the precise nature of their services for the Sandbox.
