Thailand’s Securities and Exchange Commission has approved Tether’s USDT for trading on regulated exchanges, potentially enhancing its use in payments. This regulatory green light is set against the backdrop of new digital asset regulations effective March 16, with USDT representing around 40% of trading in a country recognized for high crypto adoption. CEO Paolo Ardoino affirmed the company’s commitment to establishing transparency and infrastructure for stablecoins as it responds to ongoing audit concerns following past market issues.
The Securities and Exchange Commission of Thailand has granted regulatory approval for Tether’s USDT, allowing it to be traded on licensed exchanges and utilized in payments. This announcement was made by Tether in a press release dated March 10, highlighting that the approval aligns with updated digital asset regulations coming into effect on March 16. USDT will now be accessible in a significant Asian market, where Thailand ranks among the top 20 globally for cryptocurrency adoption. It is noteworthy that Tether’s stablecoin comprises approximately 40% of regional trading volumes.
Tether’s Chief Executive Officer, Paolo Ardoino, expressed enthusiasm regarding the approval, emphasizing the company’s objective to provide a “secure, transparent, and reliable stablecoin experience” for users in Thailand. He stated, “We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure.”
This announcement comes shortly after Tether appointed Simon McWilliams as Chief Financial Officer to address ongoing audit concerns. His primary goal is to steer the company toward a comprehensive financial audit, particularly following the scrutiny faced after the 2022 cryptocurrency market crash. This incident prompted the wider crypto community to advocate for increased transparency and accountability within the sector.
Consequently, many crypto exchanges have begun issuing proof-of-reserves reports to verify asset holdings. Tether has initiated the practice of releasing quarterly attestations validated by BDO Italy, an independent consulting firm, although skepticism persists among some stakeholders who demand a full financial audit rather than mere attestations.
The approval of Tether’s USDT by Thailand’s Securities and Exchange Commission marks a significant development in the cryptocurrency landscape, providing access to a major Asian market. Tether aims to enhance user experience and bolster Thailand’s digital asset ecosystem by promoting stablecoins. The appointment of a CFO indicates Tether’s commitment to addressing audit transparency, a crucial aspect that has gained notable attention following the recent market turmoil.
Original Source: crypto.news
