Thailand’s Securities and Exchange Commission (SEC) has approved USD₮, the world's most-used stablecoin, marking a significant step in regulating digital assets in the region.
Regulating Thailand's Crypto Market
With a market capitalization of $142 billion, USD₮ now joins a select group of approved cryptocurrencies in Thailand, including Bitcoin (BTC), Ethereum (ETH), XRP, and stellar (XLM). This enhances market flexibility by allowing exchanges to accept USD₮ for payments.
Rise of Cryptocurrency Use in Thailand
Thailand has strengthened its position among crypto-friendly countries, now ranking in the top 20 globally. The newly approved USD₮ accounts for approximately 40% of the local cryptocurrency trading volume.
Innovations by SEC in Digital Trading
Thailand’s SEC is also pushing for broader blockchain integration in the financial sector. The regulator plans to launch a blockchain-based trading platform to facilitate digital token transactions, improving efficiency and access to tokenized securities. Four tokenized projects have already been approved, supporting the country's sustainability goals.
The recognition of USD₮ in Thailand is a crucial step in developing the country's digital economy, offering more stable and diverse investment opportunities. The regulation will take effect in March 2025, and clearer frameworks could attract more businesses and private investors.
