Thailand's SEC Unveils a New Sandbox for Digital Assets, Allowing Trials for Related Services
In Brief
The Securities and Exchange Commission of Thailand has introduced a regulatory sandbox tailored for digital assets, designed to foster innovation and the growth of digital asset services.
The Securities and Exchange Commission in Thailand ( SEC ) has announced the initiation of its digital asset regulatory sandbox, aimed at promoting experimentation and the creation of innovative services in the digital asset space. The commission is inviting participants who are interested in testing digital asset-related services to apply now.
Moreover, the SEC has issued guidelines outlining the types of services eligible for the sandbox, the qualifications needed for participants, and how sandbox experiments will function. Specifically, there are six approved categories for digital asset services: exchange, broker, dealer, fund manager, advisor, and custodial wallet provider.
Parties taking part in this initiative are expected to link their innovations to the development of digital asset services either within the capital market or engage with a sandbox managed by the money market authorities. Thai The SEC will evaluate the qualifications of participants across several factors, including capital reserves, operational frameworks, management organization, and specific conditions related to sandbox operations. This assessment ensures that participants are sufficiently prepared to deliver services within the sandbox environment.
Participants must also determine the range of services during their time in the sandbox to mitigate risks and potential broader effects. This sandbox phase is limited to 12 months from the date of approval, but once it concludes, participants can seek an extension to continue testing their services.
Thailand's SEC Approves the Launch of the Sandbox and Establishes Its Operational Guidelines
This is vital for driving innovation and addressing challenges in financial inclusion, which may leave some clients out of the financial ecosystem.
Regulatory sandboxes In March, the SEC Board approved the creation of the Digital Asset Regulatory Sandbox. In May, they hosted a public forum to gather opinions and recommendations from the community and interested parties. Most respondents endorsed the principles and suggested modifications to the regulatory framework, which informed the final regulations.
Securities and Exchange Commission
Disclaimer
In line with the Trust Project guidelines Alisa, a passionate journalist with the Cryptocurrencylistings, specializes in cryptocurrency, zero-knowledge proofs, investments, and the broad universe of Web3. With a discerning eye on emerging trends and technologies, she provides insightful coverage that keeps readers informed and engaged in the fast-paced world of digital finance.
