Thailand’s SEC has approved the addition of USDT and USDC stablecoins for trading on digital asset exchanges, effective March 16. This decision follows a public consultation that showed majority support. With significant market capitalizations, this move aligns Thailand with global trends in cryptocurrency trading and payments.
Thailand’s Securities and Exchange Commission (SEC) has expanded its approved cryptocurrencies to include Tether’s USDT and Circle’s USDC. This decision comes in the wake of a public consultation conducted in February, where a majority favored the inclusion of these stablecoins. The new regulations will come into effect on March 16, increasing the number of approved trading pairs on digital asset exchanges in Thailand.
Previously, Thailand’s SEC only recognized limited cryptocurrencies including bitcoin (BTC), ethereum (ETH), XRP, stellar (XLM), and specific tokens from the Bank of Thailand’s settlement system. The addition of USDT and USDC, which have significant market capitalizations of $142 billion and $58 billion respectively, reflects the increasing importance of stablecoins in global crypto trading and payments.
Recognizing USDT and USDC is a strategic move as stablecoins represent a burgeoning sector in cryptocurrencies, particularly important in regions such as Southeast Asia. Tether’s USDT and Circle’s USDC are increasingly significant for trading and offer greater liquidity, aligning Thailand with international trends in cryptocurrency acceptance. Tether noted that this approval enhances the acceptance of their token within Thailand’s financial system.
In conclusion, the Thailand SEC’s decision to approve USDT and USDC indicates a progressive step towards embracing stablecoins within the country’s financial infrastructure. The move is reflective of global trends that emphasize the growing role of stablecoins in digital asset trading. With considerable market capitalizations, these additions are poised to enhance trading activities and liquidity in Thailand’s cryptocurrency landscape, promoting further financial innovation.
Original Source: www.coindesk.com
