Thai SEC Introduces Digital Asset Sandbox for Testing Services in a Controlled Environment
The Thai Securities and Exchange Commission (SEC) has officially launched a new initiative—the Digital Asset Regulatory Sandbox—designed to provide a controlled, real-world environment for the testing and development of digital asset services. This move is part of the SEC’s broader efforts to foster innovation while ensuring regulatory compliance within Thailand’s growing digital asset sector.
Sandbox Open for Applications in Key Digital Asset Services
According to the Thai SEC’s recent announcement, the Sandbox is now open for applications from entities involved in six crucial areas of digital assets: exchanges, brokers, dealers, fund managers, advisers, and custodial wallet providers. Applicants will be rigorously evaluated to ensure they meet the necessary criteria, including financial stability, robust operational systems, a sound management structure, and strict adherence to regulatory conditions.
Participants in the Sandbox must clearly define the scope of their services to minimize risks and mitigate any potential negative impacts during the testing phase. The testing period is initially limited to one year from the date of approval, though participants may apply for an extension if they need more time to continue developing their services within this flexible regulatory framework.
Zipmex Faces Regulatory Action as Thailand SEC Revokes Its Business License
In a related development, Thailand’s Ministry of Finance has revoked the digital asset business license of Zipmex, a cryptocurrency exchange, following a series of regulatory violations. The decision, made on May 28, came after repeated failures by Zipmex to comply with directives from the SEC, which had raised concerns about the exchange’s financial stability and its ability to safeguard customer assets.
The SEC had been closely monitoring Zipmex since January when it first identified issues related to the company’s finances and management practices. Despite the regulator’s orders to address these problems, Zipmex did not comply, leading to the suspension of its trading and brokerage services in February. The company was given a limited time to correct these deficiencies but ultimately failed to meet the SEC’s requirements.
This revocation underscores the Thai SEC’s commitment to maintaining a secure and transparent digital asset market, as the regulator continues to take decisive action against non-compliant entities while providing a structured environment for innovation through initiatives like the new Digital Asset Regulatory Sandbox.
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