Thailand is known to be crypto-friendly because the country has a positive stance towards this digital currency. Moreover, the country has approved a Bitcoin ETF as well as introduced tax breaks for crypto and has done many other positive things for crypto. Recently, the country's financial regulators are launching a new project to test the implementation of a cryptocurrency service. That is why they have introduced dedicated regulatory sandbox systems. That is why this type of digital asset regulator Sendbox was launched by the country's Securities and Exchange Commission three days ago. Yes, there are some benefits as it allows the Security and Commission to develop digital assets and audit them properly.
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The country's Securities and Exchange Commission has officially launched this sandbox. And we welcome all interested parties to participate in the sandbox to test digital asset-related services as mandated by the Securities and Exchange Commission. A resolution authorizing the launch of such a sandbox has been passed while the digital asset regulatory sandbox has officially launched in the country. Later the authority issued regulations for eligible services with scope for trial and eligibility of participants. That is why the Authority has included six digital asset-related service providers, including digital asset exchanges, brokers, dealers, fund managers, advisors and custodial wallet providers, as subject to eligibility verification.
In this regard, the country's SEC has called on all participants to participate in the sandbox to include their innovations in the development of digital asset services in the Thai capital market. They also offered alternatives and said otherwise they would have to participate in a sandbox of the money market regulator. In addition, the Thai SEC will consider capital adequacy, working arrangements, management structure and other terms and conditions in order to ensure that all participants participating in such activities and sandboxes are present to provide services within the framework and among their other qualifications.
However, the period of use of such sandbox may be more than one year from the date of approval and the authority also declared that the participants must specify the scope of the service to minimize the potential risks and impacts that may occur during the sandbox period. But if the period expires then they can request to extend the period of service test at a later date. Thailand has emerged as a relatively friendly jurisdiction for cryptocurrency regulation. When crypto transactions were allowed in the country, the country's regulatory authorities started with some strict laws so that Thai regulators could protect the rights of investors and maintain financial stability in the country. But what's interesting here is that the country is becoming more crypto-friendly over time, even as Thailand's financial authorities have shifted to a more crypto-friendly regulatory regime in recent months. That's because the country's Securities and Exchange Commission has approved a number of positive crypto-related initiatives in recent months.
