Thailand approves USDT as a domestic trading medium, and stable currency payments are about to explode.
Tether, the issuer of the U.S. dollar stablecoin USDT, announced yesterday (10th) that the Thailand Securities and Exchange Commission has officially approved USDT as a recognized cryptocurrency in Thailand.
(Preliminary summary: CZ: The former Prime Minister of Thailand is optimistic about the legalization of cryptocurrencies, stablecoins and online gambling)
(Background supplement: Thailand is considering "trial Bitcoin payment" in Phuket, and the crypto economy is seizing tourism revenue)
Tether, the issuer of the U.S. dollar stable currency USDT, announced yesterday (10th) that the Securities and Exchange Commission of Thailand has officially approved USDT as a recognized cryptocurrency in Thailand.
Thailand approves USDT for domestic trading
Tether added that after being recognized by the Securities and Exchange Commission of Thailand, USDT will be able to be used for trading in Thailand and can also be listed on regulated exchanges. Tether commented on this:
This paves the way for USDT to be accepted as a payment method and can further promote local innovation in cryptocurrency.
The latest revised regulations will provide investors with greater flexibility and choice, while promoting the vitality and resilience of the industry. The official effective date is March 16, 2025.
The regulatory agency’s recognition of USDT marks an important milestone in the development of digital assets in the region, and also represents an important step in Thailand’s efforts to clarify and improve its regulatory framework.
In response to this regulatory development, Tether CEO Paolo Ardoino also commented:
We attach great importance to the Thai market and continue to explore ways to improve our services and products. Our primary goal is to provide Thai users with a safe, transparent, and reliable stablecoin experience.
We are committed to supporting the long-term success and popularity of stablecoins in Thailand, and look forward to helping the development of Thailand’s digital asset ecosystem by building a strong and sustainable stablecoin infrastructure.
Currently in Thailand, the main use of USDT is still for buying and selling on cryptocurrency exchanges. Now that the regulations have been officially passed, we may soon be able to travel to Thailand (such as Phuket) with a mobile phone without the need to exchange too much local currency.
Thailand’s former Prime Minister proposed a Bitcoin tourism sandbox pilot in Phuket
In January this year, Thailand’s former Prime Minister Thaksin Shinawatra publicly stated that the Thai authorities should legalize online gambling to increase government revenue. At the same time, he also emphasized that stablecoins and cryptocurrencies backed by other physical assets are risk-free for transactions.
Shinawatra said at the time that Thailand should continue its cryptocurrency-related sandbox experiments, and said that the Securities and Exchange Commission of Thailand should allow transactions in stablecoins or cryptocurrencies backed by real assets, and proposed a Bitcoin payment pilot program in Phuket’s tourism industry:
Given our country’s dependence on tourism and foreign capital inflows, integrating cryptocurrencies into Phuket’s economy may be in line with Thailand’s strategic advantages, with the potential to attract technology-sensitive travelers and investors.
Although the former Prime Minister has retired, his political influence still exists because his daughter is his successor and is the current Prime Minister of Thailand.
