The Securities and Exchange Commission of Thailand (SEC) has announced upcoming regulatory changes regarding the use of digital asset payments.
Starting Sept. 6, regulations on the use of digital assets as a means of payment will be relaxed, allowing digital asset businesses under the supervision of the SEC to participate in the Bank of Thailand’s digital asset settlement system. Programmable Payments Sandbox.
These changes come following 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 regulation expands the range of services that digital asset businesses can offer without being considered a payment instrument, to include new types of businesses such as digital asset custody wallet providers.
It will also allow approved digital asset operators to participate in the BOT’s sandbox, which will foster the development of digital financial innovation.
Additionally, the SEC revised the list of approved cryptocurrencies that ICO issuers, ICO portals, and digital asset operators can accept for transactions or rewards within the sandbox, encouraging further experimentation and development in the space.
The SEC currently oversees six types of digital asset businesses: digital asset exchanges, brokers, dealers, fund managers, advisory service providers, and custody wallet providers.
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