Thailand’s Securities and Exchange Commission (SEC) has launched the crypto regulatory Sandbox. The primary vision of the launch is to experiment with incorporating crypto in a real-life context.
In a recent news announcement, the Thailand SEC stated that the regulator is launching the Sandbox to conduct experiments and develop innovations that support the provision of crypto in real life.
The SEC stated in the announcement that the SEC Board had passed a resolution to approve the crypto Sandbox in March. A public hearing was also conducted to pool in suggestions from the public.
Following the approval of the majority, the SEC has decided to issue the regulations that determine the features of the eligible services.
Thailand SEC has laid out the six eligible crypto-related services in its announcement. These are crypto exchanges, crypto brokers, crypto dealers, crypto fund managers, crypto advisors, and crypto asset custodial wallet providers
The SEC will look into various qualification criteria, including the work systems, management structure, capital adequacy and other conditions under the Sandbox to ensure that the participants are eligible to provide the services.
“The participants must 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,” the SEC stated. Applications are now open for participants who wish to participate in the Sandbox.
Thailand implements crypto-friendly rules
Earlier this year, the Thailand SEC updated its crypto regulatory framework. Now, the regulator is considering cryptocurrencies under the Digital Asset Businesses Decree. Under this, the SEC will focus on areas like ICOs, trading, and sales.
Companies that are willing to operate in the country should also obtain licenses and abide by the rules. During the announcement, the regulator also removed the investment limit for retail investors that are backed by real estate or infrastructure.
Earlier, there was a limitation on investing a maximum of $8,500. The SEC had also reportedly endorsed the country’s first Bitcoin ETF. According to the report, the fund has a policy to invest in 11 global funds. The recent move indicates that the country is now transitioning to a crypto-friendly stance.
