The Securities and Exchange Commission (SEC) of Thailand has authorized the inclusion of stablecoins USDT and USDC for trading on digital asset exchanges, effective March 16. This decision follows a supportive public consultation and aligns with global trends emphasizing the role of stablecoins in cryptocurrency markets, driven by demand in developing regions. The approval marks Thailand’s progressive move in accommodating digital assets in its financial sector.
Thailand’s Securities and Exchange Commission (SEC) has officially added Tether’s USDT and Circle’s USDC to its list of approved cryptocurrencies for trading on digital asset exchanges. This change, effective from March 16, follows a public consultation in February where a significant number of participants supported the proposal to include these stablecoins.
Prior to this expansion, the SEC only recognized bitcoin (BTC), ethereum (ETH), XRP, stellar (XLM), and certain tokens utilized in the Bank of Thailand’s settlement system. The addition of USDT and USDC aligns Thailand with the global trend highlighting the increasing significance of stablecoins in cryptocurrency trading and payment systems.
With USDT’s market capitalization standing at $142 billion and USDC at $58 billion, their approval is timely, as stablecoins represent one of the rapidly growing sectors within the crypto market. The demand for stablecoins is particularly pronounced in regions such as Southeast Asia, Africa, and Latin America, where they serve essential roles in facilitating transactions.
Tether, the issuer of USDT, indicated that this regulatory green light fosters broader acceptance of its token within Thailand’s financial sector. This decision marks a progressive step in enhancing the framework for digital assets in the country, accommodating the surge in stablecoin usage.
The Thai SEC’s decision to approve USDT and USDC reflects a notable shift towards embracing stablecoins in the cryptocurrency landscape. This development signifies a commitment to aligning with global trends, underscoring the growing importance of stablecoins as staples in trade and payments. With effective implementation from March 16, this regulatory update is poised to enhance the digital asset ecosystem in Thailand.
Original Source: www.coindesk.com
