Thailand SEC Grants Approval for USDC and USDT Stablecoins in Crypto Trading
Thailand’s SEC has approved stablecoins USDT and USDC for trading on digital asset exchanges, effective March 16. This decision follows a favorable public consultation and aligns with global trends recognizing stablecoins’ significance in cryptocurrency trading and payments.
The Securities and Exchange Commission (SEC) of Thailand has announced the inclusion of Tether’s USDT and Circle’s USDC to its approved list of cryptocurrencies for trading on digital asset exchanges. This decision, which will take effect on March 16, follows public consultations held in February wherein a large majority of participants supported the initiative. Previously, only bitcoin (BTC), ethereum (ETH), XRP, stellar (XLM), and certain tokens linked to the Bank of Thailand were permitted.
The approval of USDT, with a market capitalization of $142 billion, and USDC, with a $58 billion market capitalization, demonstrates Thailand’s commitment to aligning with global trends that recognize the growing importance of stablecoins in cryptocurrency trading and payment systems. The fast-growing nature of stablecoins is particularly notable in developing regions, including Southeast Asia, Africa, and Latin America.
Tether, the issuer of USDT, remarked that the SEC’s approval facilitates the broader acceptance of its token within the financial landscape of Thailand. This development marks a significant shift in the regulatory landscape, as the inclusion of stablecoins is likely to enhance trading opportunities in the burgeoning cryptocurrency market.
In summary, the Thai SEC’s decision to add USDT and USDC to its list of approved cryptocurrencies signifies an important regulatory development. This move not only reflects growing global acceptance of stablecoins but also acknowledges their pivotal role in enhancing cryptocurrency trading and payment systems in Thailand and beyond. As the demand for stablecoins continues to expand, the regulatory framework will need to adapt to support this evolution.
Original Source: www.coindesk.com
