Thailand’s Securities and Exchange Commission (SEC) is launching a new regulatory sandbox for crypto assets to test its digital asset-related services.
In a new announcement, the securities regulator says it is launching the sandbox – a controlled environment set up by regulators where companies can test their services and products – as a means to strengthen security and innovation within the crypto industry.
“The Securities and Exchange Commission (SEC) is introducing the Digital Asset Regulatory Sandbox to facilitate experimentation and the development of innovations that support the efficient delivery of digital asset services in real-world contexts.
Interested parties are welcome to participate in the sandbox to test their digital asset-related services and promote innovative development in the capital market within a flexible regulatory framework.”
The Thai SEC first passed the resolution to create the sandbox earlier this year in March. In May, the regulatory body held a public meeting on the issue and found that most respondents agreed with the sandbox’s proposed guidelines.
The industry sectors allowed to participate in the sandbox include crypto exchange platforms and brokers, crypto wallets, digital asset fund managers, and crypto dealers.
According to the announcement, participation time in the sandbox will be limited and specific. However, users can request an extension of their testing period.
“Participants must specify the specific scope of services for the sandbox to mitigate the risks and widespread impacts that may occur during the sandbox period of no longer than one year from the date of approval.
Nevertheless, participants may request an extension of their service testing period after the Sandbox period expires.”
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