Thailand’s Securities and Exchange Commission has officially approved Tether’s stablecoin, USDT, as an accepted crypto in the country. This means that USDT can now be listed on regulated exchanges and used for payments in Thailand.
Tether announced this via a blog post on March 10, following a public feedback period that concluded last month, during which most responded positively.
USDT will be joining a group of cryptocurrencies that have already been accepted in Thailand, like Bitcoin, Etheruem, XRP, and Stellar XLM. It also includes digital currencies used by the Bank of Thailand for special payment programs.
Tether is thrilled about the approval. The company said this will help make Thailand’s crypto market stronger. “The regulator’s recognition of USD₮ as an approved cryptocurrency marks a pivotal moment in the evolution of digital assets in the region and represents a major step toward clarifying and enhancing Thailand’s regulatory framework,” Tether said in its statement.
Tether CEO Paolo Ardoino also welcomed the news. He said, “We highly value the Thai market and are continuously exploring ways to enhance our services and offerings.” He added that the firm is focusing on making sure USDT remains safe for users in the country.
Thailand has been working on some regulatory changes for cryptocurrencies while also making innovation easier among investors. The government also removed limits on how much regular investors can put into certain digital assets.
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