According to BlockBeats, the Thai Securities and Exchange Commission (SEC) said that the country has launched a regulatory sandbox program for cryptocurrency companies. The sandbox aims to promote experimentation and support innovative development in the efficient provision of digital asset services.
The regulatory sandbox is open to six types of participants, including digital asset trading platforms, brokers, traders, fund managers, consultants and custodial wallet providers. Participants must pass the Thai SEC's assessment of capital adequacy, work systems and management structures before entering the sandbox.
Thai authorities took several measures to support the development of cryptocurrencies earlier this year. The Ministry of Finance extended the VAT exemption for cryptocurrency transactions in February, and the SEC relaxed regulations in March to allow professional investors to invest in U.S. spot Bitcoin ETFs. The launch of the regulatory sandbox shows that Thailand is trying to find a balance between strengthening regulation and promoting innovation.