Thailand's SEC Initiates New Crypto Asset Regulatory Sandbox to Evaluate Digital Asset-Related Services

The securities regulator has recently announced the establishment of the sandbox, a controlled environment that regulators have established to ensure the safety

The Securities and Exchange Commission (SEC) of Thailand has initiated a new crypto asset regulatory sandbox to evaluate its digital asset-related services.

The securities regulator announced the establishment of the sandbox on Friday, a controlled environment set up by regulators to ensure the safety and innovation of the crypto industry. It will allow companies to test their services and products.

The Digital Asset Regulatory Sandbox is being introduced by the SEC to encourage the development of innovations and the experimentation that will support the efficient provision of digital asset services in the real world.

The sandbox is open to all interested parties who wish to test their digital assets-related services, thereby fostering innovative development in the capital market within a framework of flexible regulation.

The Thai SEC had initially adopted the resolution to establish the sandbox in March of this year. The regulatory body conducted a public meeting in May to address the issue and discovered that the majority of respondents concurred with the proposed guidelines for the sandbox.

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The sandbox is open to crypto exchange platforms and merchants, crypto wallets, digital asset fund administrators, and crypto dealers.

The habitat will have a specific and restricted participation period, as stated in the announcement. Nevertheless, participants are permitted to request an extension for their testing period.

“The participants are required to specify the precise purview of services for the sandbox in order to mitigate the risks and extensive impacts that may arise during the sandbox period, which does not exceed one year from the date of approval.”

However, the participants have the option to request an extension for their service trial period after the Sandbox period has concluded.

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