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Home»ADOPTION NEWS»Thailand Launches Crypto Regulatory Sandbox to ‘Foster Experimentation’
ADOPTION NEWS

Thailand Launches Crypto Regulatory Sandbox to ‘Foster Experimentation’

By Crypto FlexsAugust 12, 20242 Mins Read
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Thailand Launches Crypto Regulatory Sandbox to ‘Foster Experimentation’
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Regulations • August 12, 2024 1:39 a.m. EDT

Posted 1 minute earlier ~ in

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..


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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