Thailand's Securities and Exchange Commission (SEC) has approved trading of stablecoins USDT and USDC on regulated exchanges, legitimizing their use.
Regulatory Changes in Thailand
In February, public consultations on regulatory changes were completed, set to take effect on March 16, 2024. These changes aim to legitimize cryptocurrency use and encourage adoption of stablecoins to boost domestic revenue.
Approval and Its Consequences
USDT and USDC now join a small list of approved cryptocurrencies in Thailand, including Bitcoin and Ether. This approval paves the way for new applications of stablecoins in the country, such as integrating USDT into digital asset businesses and using it as a payment method.
Future Prospects for Thai Crypto Exchanges
In light of the upcoming IPO, Bitkub, Thailand's largest crypto exchange, plans to go public. Alongside, there are measures to block access to unauthorized crypto platforms, providing users the grace period to remove their assets from these services.
The regulatory measures open up new opportunities for cryptocurrency growth in Thailand while underscoring the need for compliance within the digital asset sphere.
