Thailand’s Securities and Exchange Commission (SEC) has launched a regulatory sandbox for developing and testing innovations aimed at establishing efficient crypto-related services, it said in a post on its website.
The SEC said interested parties are welcome to participate in the Digital Asset Regulatory Sandbox to test their crypto-related services and promote innovative development.
After holding hearings on the matter in March, the SEC has issued regulations on qualifications and determined what services are eligible to participate in the trials, which include exchanges, brokers, dealers, fund managers, advisers, and custodial wallet providers.
Thailand has begun emerging into a more crypto-friendly country this year, as in March the SEC allowed money managers to launch private funds for US spot Bitcoin ETFs, though only for institutional and wealthy investors, DL News reported.
And in February, the country exempted crypto traders from paying a hefty tax in an effort to further its ambitions to become an Asian digital assets hub, DL News reported, citing local media.
Thailand’s SEC said it would consider sandbox applicants’ qualifications, including capital adequacy, work systems, management structure, and conditions for relevant operations to ensure that participants are well prepared.
It added that participants must specify the specific scope of their services for the Sandbox in order to reduce risks.
Crypto market movers
Bitcoin is up 1.06% today at $61,069.57.
Ethereum is up 1.53% today at $2,655.20.
What we are reading
What the NYT and Washington Post Op-Eds Get Wrong About Crypto — CoinDesk
Beware crypto’s $235bn dead-cat bounce. Here’s what’s next for Bitcoin and Ether prices — DL News
Crypto takes its 2024 political campaign to the White House — Yahoo Finance