Thailand Approves USDT and USDC for Crypto Trading and Banking Settlements

Thailand is evaluating cryptocurrencies deemed safe for trading and banking settlements. In a recent move, the Securities and Exchange Commission (SEC) of Thailand added USDT and USDC to the list of tokens approved for trading on regulated exchanges. These stablecoins now join Bitcoin, Ether, Ripple, and Stellar on Thailand's approved token list. This decision aligns with the country's broader efforts to establish a legally regulated crypto framework.

Understanding What the Development Means

Thailand's SEC aims to distinguish established, secure crypto assets from the constant influx of new tokens. Approved assets are cleared for use in ICO investments, ICO portal transactions, and digital asset exchange trading pairs. The Bank of Thailand will also explore these SEC-approved cryptocurrencies for financial settlements.

In an official statement, the SEC said it has “revised the criteria for the cryptocurrencies list to be used for investment in digital tokens and for digital asset exchanges to use as base trading pairs with two additional cryptocurrencies namely, USD Coin (USDC) and Tether (USDT). These amended regulations will take effect from 16 March 2025.”

In February, the SEC held a public hearing to gather feedback on adding stablecoins to its list of approved cryptocurrencies. The majority supported the move, leading to the approval of USDT and USDC.

Tether, the issuer of the USDT stablecoin said Thailand's decision to modernise its financial landscape with digital assets is a pivotal development.

“This approval enables USD₮ to be traded within the country, facilitating its listing on regulated exchanges and paving the way for USD₮ to be accepted for payments, which advances the region's leadership in digital asset innovation,” Tether said.

Recent Crypto Developments in Thailand

In April last year, Thailand banned all crypto firms operating without a license to safeguard financial stability and protect investors from the risks of volatile assets. The SEC is collaborating with the government to identify and block unauthorised digital asset service providers.

In recent months, Thailand has shown growing interest in leveraging cryptocurrencies to boost its economy. In January, Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced plans to test crypto as an alternative payment method for tourists.

In Thailand, crypto gains are taxed by 15 percent. Under the Thai tax law, any foreign-sourced income, including cryptocurrency gains, is taxable when remitted to Thailand.