As Thailand’s securities regulator launches a sandbox for cryptocurrency companies, the country continues to explore the fine line between regulatory restrictions and cryptocurrency innovation.
On Friday, the Securities and Exchange Commission of Thailand said: The sandbox is designed to “facilitate experimentation and innovative development that supports the efficient delivery of digital asset services in real-world settings.”
The launch of the sandbox follows the SEC’s approval of the creation of a cryptocurrency sandbox in March, followed by a public hearing in May.
Specifically, the SEC said the sandbox is intended for six sectors of industry participants: digital asset exchanges, brokers, dealers, fund managers, advisors, and custodial wallet providers.
The sandbox is now accepting applications. The Thai regulator said it will review applicants’ qualifications based on capital adequacy, operating systems and management structure.
Thai authorities Earlier this year, there were several positive crypto moves. For example, the Ministry of Finance reportedly extended the VAT exemption for cryptocurrency transactions in February. In March, the Thai SEC adjusted relevant regulations to allow professional investors to invest in U.S. spot Bitcoin exchange-traded funds..
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