The post Thailand SEC Reveals Sandbox To Boost Bitcoin, Crypto Innovation appeared on BitcoinEthereumNews.com.

The Securities and Exchange Commission (SEC) of Thailand officially introduced its Digital Asset Regulatory Sandbox on Friday, August 9. This move is aimed at accelerating innovation in the country’s Bitcoin (BTC) and overall digital asset sector. Hence, the sandbox is designed to provide a controlled environment where firms can experiment with new digital asset services under a flexible regulatory framework. A Look At Thailand SEC’s Crypto Sandbox Intiative The initiative, which was initially approved by the Thailand SEC Board in March 2024, underwent a thorough public consultation in May. The feedback received from various stakeholders was overwhelmingly positive. Moreover, many of them agreed on the necessity of this regulatory framework and supporting the proposed changes to existing crypto regulations. Thus, the sandbox will allow participants to test services related to cryptocurrency in real-world conditions while ensuring that these innovations are in line with Thailand’s regulatory standards. This approach is expected to encourage the growth of Thailand’s crypto industry. Moreover, it will provide a much-needed boost to the country’s capital market. The Thailand SEC has outlined specific criteria for participation in the sandbox. Six types of digital asset services have been identified as eligible: Crypto exchanges Crypto asset brokers Virtual asset dealers Crypto Fund Managers Digital asset advisors Virtual asset custodial wallet providers. To qualify for participation, companies must demonstrate sufficient financial resources, robust management structures, and secure operational systems. Thereafter, Thailand SEC will assess these qualifications to ensure that only well-prepared entities are allowed to operate within the sandbox. Additionally, participants are required to define the scope of their services clearly. This measure is intended to mitigate potential risks and minimize the impact of any unforeseen issues during the testing period. The sandbox is set for an initial duration of one year, with the option for participants to apply for…

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Filed under: News - @ August 10, 2024 3:10 am