Thailand’s SEC has approved Tether (USDT) and USD Coin (USDC) for trading on licensed exchanges, expanding its list of approved cryptocurrencies. This inclusion, effective March 16, aims to bolster crypto trading and adoption in the country, responding to the increasing demand for stablecoins in the market. Tether’s market dominance and ongoing transparency concerns continue to shape discussions in the crypto community.
Thailand’s Securities and Exchange Commission (SEC) has officially approved the trading of Tether (USDT) and Circle’s USD Coin (USDC) on licensed crypto exchanges. This significant decision aligns with the rising demand for stablecoins globally, reflecting a broader trend in cryptocurrency trading and payments.
With this approval, USDT and USDC join an approved cryptocurrency list that includes Bitcoin, Ethereum, XRP, and Stellar, thereby enhancing Thailand’s digital asset ecosystem. The introduction of these stablecoins augments trading opportunities and reinforces Thailand’s position as a burgeoning hub for cryptocurrency adoption in Asia.
The regulatory changes, effective March 16, will empower licensed exchanges to list and trade USDT and USDC, facilitating smoother transactions for investors and traders within the crypto landscape. By acknowledging the importance of stablecoins, Thailand is aligning itself with significant global trends in the cryptocurrency sector.
This decision follows a public consultation held in February, which revealed widespread support for the inclusion of stablecoins. In Thailand, Tether accounts for approximately 40% of all trading activity. Currently, USDT boasts a substantial market capitalization of $142 billion, with USDC at $58 billion.
Despite its market prominence, Tether faces ongoing scrutiny regarding its financial transparency. Recently, Simon McWilliams was appointed as Chief Financial Officer to improve oversight of its financial practices. Although Tether has been issuing quarterly reports verified by BDO Italy, critics continue to advocate for comprehensive financial audits in light of increased demand for transparency since the market downturn in 2022.
The approval of USDT and USDC by Thailand’s SEC signifies a pivotal advancement in the nation’s cryptocurrency regulations, fostering a more inclusive digital asset environment. As these stablecoins integrate into licensed exchanges, Thailand not only amplifies its crypto trading landscape but also meets the growing global and regional demands for stability in the volatile crypto market. Enhanced regulatory measures promise to fortify investor confidence and drive wider adoption of cryptocurrencies in Thailand.
Original Source: coinpedia.org
