The Securities and Exchange Commission (SEC) in Thailand announced upcoming regulatory changes concerning the use of digital asset payments.
Beginning 6 September, restrictions on using digital assets as payment will be eased, and digital asset businesses under SEC supervision will be able to participate in the Bank of Thailand’s Programmable Payment Sandbox.
These changes follow a public hearing held in July, where the SEC gathered feedback on the proposed amendments.
The majority of respondents supported the proposed changes.
The updated regulations broaden the scope of services digital asset businesses can provide without being considered a means of payment and include new types of operators like digital asset custodial wallet providers.
They also enable approved digital asset businesses to participate in the BOT’s Sandbox, which promotes the development of digital financial innovations.
Furthermore, the SEC has revised the list of approved cryptocurrencies that ICO issuers, ICO portals, and digital asset business operators can accept for transactions or as compensation within the sandbox, further facilitating experimentation and development in this space.
The SEC currently oversees six types of digital asset business operators: digital asset exchanges, brokers, dealers, fund managers, advisory service providers, and custodial wallet providers.
Featured image credit: Edited from Freepik
