Thailand securities regulatory body legally recognised Tether ($USDT) stablecoin, unlocking new opportunities around Tether payments.
Summary
- Thailand recognised Tether (USDT) stablecoin legally.
- The achievement of USDT may push USDT use in traditional payment services.
$USDT is a top first-ranked stablecoin in the crypto market. Tether, a subsidiary of Bitfinex crypto exchange, manages all the financial operations behind this stablecoin to ensure the value of each $USDT is pegged to 1 US dollar value.
On 10 March 2025, Tether firm announced its regulatory success in the jurisdiction of Thailand. As per the announcement, the Thailand securities regulator SEC recognized $USDT as a legal Cryptocurrency.
The law under which USDT is legally recognised will come into effect on 16 March 2025.
This regulatory development also dragged attention toward the future use cases of USDT stablecoin.
Many crypto enthusiasts called this development a very big turning point for this innovative sector in the country and expect more regulatory clarity around Cryptocurrencies, enhancing Thailand’s regulatory framework.
Tethe’s Dominance vs Challenges
As we know, Tether’s dominance in the crypto space is very high, so it usually faces significant competition from rival stablecoins firms.
In the last several years, Tether leadership claimed that some rival companies attacked them badly & tried to crash USDT from its pegged value, but enough Tether reserves helped the stablecoin to easily survive attacks.
In 2020-21, Tether was accused of holding billions of dollars worth of Chinese commercial paper. In the last 4 years, Tether company not only proved all such allegations wrong but also generated record revenue.
In Aug 2024, the company reported that USDT operations helped to generate $1.3 billion in the second quarter of the year.
https://t.co/NI98WWWWrB#Tether Reports Strong Earnings for Q2 2024: $1.3 Billion net revenue
— Bitcoinik (@Bitcoinikdotcom) August 1, 2024
Thailand & Crypto
Crypto & blockchain technology adoption in Thailand has been at its peak in the last few years. We can also see that government agencies also embraced blockchain technology. They’ve implemented numerous regulations to provide clarity for both investors and companies.
In the last four years, the Thailand SEC body showed a significant inclination toward the crypto space to regulate the crypto companies & combat crypto crimes.
In March 2022, Thailand ended its 15% crypto tax measure & implemented 7% tax rules for retail crypto investors. The main vision of the country was to push crypto & blockchain adoption in the country.
In April 2024, Thai SEC collaborated with the Technology Crime Suppression Committee to fight against cybercrime, including crypto scams.
Also, they showed significant attention to the unregistered & illegal crypto platforms to ensure protection for the crypto investors.
#Thailand To Ban Unregistered #Crypto Exchangeshttps://t.co/SBFNip2dyc
— Bitcoinik (@Bitcoinikdotcom) April 22, 2024
Bitcoin Price Action
The current trade price of Bitcoin is $79,461 & this price level is 4.1% down over the last 24 hours period. The downfall of Bitcoin below the $80k level is considered a very bearish signal for the whole crypto space.
Read also: Top Analyst Claims US Government Plans to Sell $800B in Gold to Buy Bitcoin
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
