Thailand Approves USDT and USDC for Crypto Trading
Thailand is taking significant steps to enhance its cryptocurrency landscape by approving two major stablecoins, USDT and USDC, for trading on regulated exchanges. This decision, made by the Securities and Exchange Commission (SEC), aligns with the country’s ongoing efforts to establish a robust legal framework for digital assets. The inclusion of these stablecoins expands the list of approved cryptocurrencies, which already features Bitcoin, Ether, Ripple, and Stellar.
New Regulations for Crypto Trading
The SEC of Thailand has revised its criteria for cryptocurrencies, aiming to differentiate between established, secure assets and the ever-growing number of new tokens entering the market. The newly approved stablecoins, USDT and USDC, are now eligible for use in initial coin offerings (ICOs), ICO portal transactions, and as trading pairs on digital asset exchanges. This move is part of a broader initiative to create a legally regulated environment for cryptocurrencies in Thailand.
In an official statement, the SEC announced that these changes will take effect on March 16, 2025. The SEC emphasized that the inclusion of USDT and USDC will enhance the investment landscape for digital tokens and improve the overall stability of the market. Additionally, the Bank of Thailand is set to explore the use of these approved cryptocurrencies for financial settlements, further integrating them into the country’s financial system.
Public Support for Stablecoins
The SEC’s decision followed a public hearing held in February, where feedback was gathered regarding the addition of stablecoins to the approved list. The majority of participants expressed support for the move, which ultimately led to the approval of USDT and USDC. Tether, the issuer of USDT, welcomed this development, stating that it marks a pivotal moment for Thailand’s financial landscape. The approval allows USDT to be traded within the country, facilitating its listing on regulated exchanges and paving the way for its acceptance as a payment method.
Tether highlighted that this advancement positions Thailand as a leader in digital asset innovation in the region. The approval of these stablecoins is expected to attract more investment and interest in the cryptocurrency market, fostering a more dynamic financial ecosystem.
Thailand’s Evolving Crypto Landscape
In April of the previous year, Thailand implemented a ban on all crypto firms operating without a license to protect financial stability and safeguard investors from the risks associated with volatile assets. The SEC is actively working with the government to identify and block unauthorized digital asset service providers, ensuring a secure trading environment for investors.
Recently, Thailand has shown a growing interest in utilizing cryptocurrencies to stimulate its economy. In January, Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced plans to test cryptocurrencies as an alternative payment method for tourists, indicating a shift towards embracing digital assets in everyday transactions.
It is important to note that cryptocurrency gains in Thailand are subject to a 15 percent tax. According to Thai tax law, any foreign-sourced income, including profits from cryptocurrency, is taxable when remitted to the country, further integrating digital assets into the national economy.
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