Thailand’s financial regulator, the Securities and Exchange Commission (SEC), has expanded its list of approved cryptocurrencies. The country has now allowed the use of Tether (USDT) and Circle’s USD Coin (USDC) on licensed digital asset exchanges. This decision follows a growing demand for stablecoins in crypto trading and payments worldwide.
With this approval, Thailand opens its doors to stablecoins, a crucial part of the global crypto market. Stablecoins like USDT and USDC are widely used for trading, payments, and remittances due to their price stability.
By adding USDT and USDC to its list of approved cryptocurrencies, alongside Bitcoin, Ethereum, XRP, and Stellar, Thailand is expanding its digital asset ecosystem. This move not only enhances trading opportunities but also strengthens Thailand’s position as a growing hub for crypto adoption in Asia.
The new regulations, set to take effect on March 16, will allow licensed exchanges to list and trade these stablecoins, making it easier for investors and traders to move funds within the crypto ecosystem.
The decision to approve USDT and USDC comes after a public consultation held in February, where most participants supported the idea. Across regions like Southeast Asia, Africa, and Latin America, stablecoins have gained popularity due to their reliability and ease of use in transactions.
Tether alone contributes to around 40% of the total trading activity in the country. As of now, USDT holds a massive $142 billion market capitalization, while USDC follows with $58 billion.
The approval of Tether’s stablecoin comes at a time when the company is facing scrutiny over its financial transparency. Just last week, the company appointed Simon McWilliams as its Chief Financial Officer to address concerns regarding its financial audits.
The company has been publishing quarterly reports verified by BDO Italy, but some critics argue that a full financial audit is needed. Following the 2022 market crash, the crypto industry has pushed for more transparency.
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