Thailand’s Bag and Value Committee (SEC) has approved the inclusion of two major market stub coins, USDT and USDC, in the country’s regulated crypto exchange. Previously, regulators had already approved BTC, Ether (ETH), XRP, and XLM for use in central bank settlement systems.
In a statement, the Thai SEC said after public consultations held in February. Most participants supported incorporating the main stable into the regulated cryptocurrency list. As a result, the agency announced an update of assets that allowed both investments in ICOs and use in services offered by the exchange. It was also announced that the measure will come into effect on March 16th with the aim of increasing flexibility for Thai cryptocurrency companies.
Stubcoins could be an attractive alternative to national reserves. They combine the stability of trust currency with the advantages of cryptographic action. In relation to the US dollar, they have low volatility and can improve the country’s liquidity. In an economy with limited access to unstable local or foreign currency, stubcoins act as a tool to mitigate devaluation and diversify reservations.
The Bag and Securities Commission (SEC) has been determined as a cryptocurrency list, and as a base-based pair for crypto-active exchanges, to be invested in digital tokens via initial coins (ICOS) offers. Currently, the list includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and five cryptocurrencies used in liquidation tests within the Bank of Thailand’s programmable payments program.
A statement issued by the Thai Bags and Securities Commission (SEC).
Recent research highlights the increasing use of stubcoins, such as USDT, in emerging economies. They gained popularity as a way to save and access the cryptocurrency ecosystem. According to a Visa report, 57% of users have recently increased the trend in these assets, and 72% expect to continue using them in the future. Among the main reasons for adopting stubcoin, 50% of respondents stated their usefulness in trading with cryptographic effects, and then mentioned that they were interested in protecting the dollar from access and inflation (47%) and the likelihood of generating yields (39%).
These data reflect the increasingly relevant role of stubcoin in the global financial system, increasing the importance of regulations in key markets such as Thais.
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