Thailand’s SEC Launches Crypto Regulatory Sandbox

TL;DR

• Thailand’s SEC has launched a crypto regulatory sandbox to test crypto services in a real-life context.

• The sandbox is now open for applications from participants. 

Thai SEC Launches its Crypto Regulatory Sandbox

Thailand’s Securities and Exchange Commission announced on Friday that it has launched a sandbox for cryptocurrency businesses. This latest development comes as it looks to study the differences between regulatory restrictions and crypto innovation.

According to the Thai SEC, the sandbox will facilitate experiments and the development of innovations supporting the efficient provision of digital asset services in the real-life context.

The official launch comes after the Thai SEC’s board approved the establishment of the crypto sandbox in March. According to the regulator, the sandbox is designed for industry participants in six categories: digital asset exchanges, brokers, dealers, fund managers, advisors, and custodial wallet providers.

Participants can now submit applications to join the sandbox. The regulator would review applications using several criteria including capital adequacy, work systems, and management structures.

The SEC has been working to regulate Thailand’s crypto space. Earlier this year, the Thai SEC filed charges against former Zipmex Thailand CEO Akarlap Yimwilai, accusing him of corruption and deception.