Thailand, Which Only Approves Bitcoin and Three Altcoins, Adds Two More Cryptocurrencies to the List!

Thailand's financial regulator, the Securities and Exchange Commission (SEC), has expanded its list of approved cryptocurrencies.

As Coindesk reported, the Thailand SEC recently added the two largest stablecoins, Tether's USDT and Circle's USDC, to its list of approved cryptocurrencies.

The new regulations will come into effect on March 16.

Apart from USDT and USDC, the Thailand SEC has previously only approved Bitcoin (BTC), Ethereum (ETH), XRP, Stellar (XLM) and some tokens used in the Central Bank of Thailand's payment system.

USDT has a market cap of $142 billion, followed by USDC with a market cap of $58 billion.

Tether*** said that the approval from Thailand paves the way for wider acceptance of USDT in Thailand's financial sector.

"The Securities and Exchange Commission of Thailand has announced that it has adopted USD₮ as its approved cryptocurrency.

This approval allows USD₮ to be traded within the country, making it easier to list on regulated exchanges and paving the way for USD₮ to be accepted for payments; This furthers the region's leadership in digital asset innovation."

Paolo Ardoino, CEO of Tether, said***: "We highly value the Thai market and are constantly exploring ways to improve our services and offerings. Our priority is to provide users in Thailand with a secure, transparent, and trustworthy stablecoin experience. We are committed to supporting the long-term success and adoption of stablecoins in Thailand, and we look forward to contributing to the growth of the country's digital asset ecosystem by building a strong and sustainable stablecoin infrastructure."