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Thailand launches crypto regulatory sandbox to ‘facilitate experiments’
Thailand’s securities watchdog has launched a sandbox for cryptocurrency businesses as the country continues to study the fine line between regulatory restrictions and crypto innovation.
On Friday, Thailand’s Securities and Exchange Commission said that the sandbox is designed to “facilitate experiments and the development of innovations supporting the efficient provision of digital asset services in the real-life context.”
The launch of the sandbox follows the SEC Board’s approval of establishing the crypto sandbox in March, with a subsequent public hearing in May.
Specifically, the SEC noted that the sandbox is intended for industry participants in six categories: digital asset exchanges, brokers, dealers, fund managers, advisors and custodial wallet providers.
The sandbox is now open for applications. The Thai regulator said it would review applicants’ qualifications based on their capital adequacy, work systems and management structures.
The Thai authorities made several crypto-positive moves earlier this year. For example, the Ministry of Finance reportedly extended its value-added tax exemption on cryptocurrency trading 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 that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
On Friday, Thailand’s Securities and Exchange Commission said that the sandbox is designed to “facilitate experiments and the development of innovations supporting the efficient provision of digital asset services in the real-life context.”
The launch of the sandbox follows the SEC Board’s approval of establishing the crypto sandbox in March, with a subsequent public hearing in May.
Specifically, the SEC noted that the sandbox is intended for industry participants in six categories: digital asset exchanges, brokers, dealers, fund managers, advisors and custodial wallet providers.
The sandbox is now open for applications. The Thai regulator said it would review applicants’ qualifications based on their capital adequacy, work systems and management structures.
The Thai authorities made several crypto-positive moves earlier this year. For example, the Ministry of Finance reportedly extended its value-added tax exemption on cryptocurrency trading 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 that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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