The Securities and Exchange Commission of Thailand (SEC) has launched a regulatory sandbox for developing and testing innovations with the aim of establishing efficient crypto services, it said in a post on its website.

The SEC said interested parties are welcome to participate in the Digital Asset Regulatory Sandbox to test their crypto-related services and encourage innovative developments.

Following hearings on the matter in March, the SEC issued rules on the qualifications and specified which services are eligible to participate in the trials, including exchanges, brokers, dealers, fund managers, advisors and custodial wallet providers.

Thailand has started to become a more crypto-friendly country this year, with the SEC in March allowing asset managers to launch private funds for U.S. spot Bitcoin ETFs, but only for institutional and high-net-worth investors. DL News reported.

And in February, the country exempted crypto traders from paying a hefty tax to advance its ambitions to become an Asian hub for digital assets. DL News reported, citing local media.

The Thai SEC said it will review the qualifications of sandbox applicants, including sufficient capital, work systems, management structure and conditions for relevant operations, to ensure participants are well prepared.

To minimize risk, participants must also specify the specific scope of their services for the sandbox.

Crypto market drivers

• The Bitcoin price rose 1.06% to $61,069.57 today.
• Ethereum is up 1.53% today to $2,655.20.

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