Thailand Grants Regulatory Approval for Tether’s USDT as Approved Cryptocurrency

Thailand’s Securities and Exchange Commission has approved Tether’s USDT as an officially recognized cryptocurrency, permitting its trade on regulated exchanges. This approval enhances Tether’s presence in Thailand, where it represents a significant portion of the market. Tether’s CEO emphasized their commitment to ensuring a reliable stablecoin experience while addressing audit concerns through the hiring of a new CFO.

Thailand’s Securities and Exchange Commission has officially recognized Tether’s USDT as an approved cryptocurrency, enabling its trade on regulated exchanges. This regulatory approval allows USDT to be listed on licensed exchanges and facilitates its potential use in payments, as announced by Tether in a press release dated March 10. The new digital asset regulations will come into effect on March 16.

This development allows USDT access to one of Asia’s largest markets, given that Thailand ranks in the top 20 worldwide for cryptocurrency adoption. Tether’s stablecoin currently represents approximately 40% of the trading volumes within the country.

Paolo Ardoino, Tether’s Chief Executive Officer, expressed optimism regarding this approval. He highlighted the company’s commitment to providing a secure and dependable stablecoin experience for users in Thailand and emphasized the aim to enhance the digital asset ecosystem by building a robust stablecoin infrastructure.

The announcement comes shortly after Tether appointed Simon McWilliams as Chief Financial Officer to tackle persistent audit concerns. McWilliams’ role will focus on guiding the company toward a comprehensive financial audit, addressing scrutiny surrounding Tether’s financial operations, especially the lack of an extensive audit.

In the aftermath of the 2022 cryptocurrency market crash, there has been a heightened demand for transparency within the crypto community. Exchanges have begun publishing proof-of-reserves reports to confirm their asset holdings, while Tether has initiated quarterly attestations verified by BDO Italy. Despite these steps, some critics continue to call for a full financial audit.

In conclusion, Thailand’s approval of Tether’s USDT marks a significant milestone for both the company and the country’s digital asset landscape. The recognition of USDT as an approved cryptocurrency will enhance its trading and payment capabilities within a rapidly growing market. Tether’s commitment to transparency remains pertinent as it implements further financial oversight, with the appointment of a CFO playing a crucial role in addressing audit concerns.

Original Source: crypto.news