Thailand’s SEC has approved Tether’s USDT as a recognized cryptocurrency, enabling its trade on licensed exchanges. This move underscores the country’s strong position in the cryptocurrency market, ranked top 20 globally for adoption. Tether aims to foster a trustworthy stablecoin infrastructure while addressing audit concerns with a new CFO and enhanced transparency measures.
Thailand’s Securities and Exchange Commission has officially approved Tether’s USDT as a recognized cryptocurrency. This approval enables USDT’s trade on regulated exchanges and its potential use in various payments. The decision was announced following an update in digital asset regulations that will take effect on March 16.
With this approval, USDT can now access one of Asia’s largest cryptocurrency markets. Thailand ranks within the top 20 countries globally for cryptocurrency adoption, where USDT represents approximately 40% of trading volumes, reflecting its significant market presence.
Tether’s CEO, Paolo Ardoino, expressed satisfaction with the decision, emphasizing the company’s commitment to offering a secure and reliable stablecoin experience for users in Thailand. He stated the goal is to support and enhance the country’s digital asset ecosystem by establishing a robust stablecoin infrastructure.
This approval comes shortly after Tether appointed Simon McWilliams as its chief financial officer, tasked with addressing persistent audit concerns. McWilliams’ efforts will focus on moving the company towards a complete financial audit, as previously reported by crypto.news.
Following the aftermath of the 2022 crypto market crash, the crypto community has called for increased transparency. Accordingly, cryptocurrency exchanges began publishing reports proving their reserves to affirm they possessed adequate assets to support their operations.
In response to transparency demands, Tether has released quarterly attestations verified by BDO Italy, an independent consulting entity. Nevertheless, skepticism remains within the community, with many advocating for comprehensive financial audits instead of just attestations.
Thailand’s approval of Tether’s USDT marks a significant development for cryptocurrency regulation in the region, expanding the accessibility of stablecoins in one of Asia’s leading markets. Tether’s commitment to transparency and the appointment of a new CFO signify important steps toward enhancing trust in its financial practices. As scrutiny continues in the crypto space, Tether aims to prove its reliability through improved auditing processes.
Original Source: crypto.news
