Thailand’s Securities and Exchange Commission (SEC) has launched a Digital Asset Regulatory Sandbox. The sandbox will be used to test crypto services in a controlled environment. The project aims to promote Web3 innovation in Thailand.
Digital Asset Regulatory Sandbox Live From August 2024
THAILAND LAUNCHES CRYPTO SANDBOX FOR INNOVATION
Thailand’s SEC has launched a crypto sandbox to boost digital asset innovation.
Designed for exchanges, brokers, dealers, fund managers, advisors, and custodians, the sandbox lets these players test their services in a real-world… pic.twitter.com/2UbxHuGXaB
— Crypto Town Hall (@Crypto_TownHall) August 12, 2024
The regulatory sandbox officially went live on 9 August 2024 in Bangkok and is set to promote six specific crypto-related services. The six eligible digital asset-related services are:
- Digital Asset Exchange
- Digital Asset Broker
- Digital Asset Dealer
- Digital Asset Fund Manager
- Digital Asset Advisor,
- and Digital Asset Custodial Wallet Provider
The Thai SEC is now accepting applications from interested participants.
The regulator announced, “Interested parties are welcome to participate in the sandbox to test their digital assets-related services, promoting innovative development in the capital market under a framework of flexible regulation.”
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Thai SEC Receives Positive Public Feedback On Sandbox
The Digital Asset Regulatory Sandbox was approved by the SEC in March this year. Later, in May, they held a public hearing to gather feedback. The majority of responses were in support of the principles and proposed regulatory changes.
The regulatory body will consider the participants qualifications in various areas. These include capital adequacy, work systems, management structure, and conditions for relevant operations under the Sandbox to ensure that the participants are well prepared to provide services within the Sandbox framework.
Participants must also specify the specific scope of services for the Sandbox to reduce risks and widespread impacts that may occur during the Sandbox period of no longer than one year as from the approval date. Nevertheless, upon expiration of the Sandbox period, the participants may request an extension for their service testing period.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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