Thailand’s Securities and Exchange Commission has approved Tether’s USDT for trading on licensed exchanges, effective March 16. This makes USDT accessible in one of Asia’s largest markets, where it accounts for about 40% of trading volumes. Tether’s CEO, Paolo Ardoino, expressed commitment to ensuring secure and reliable usage of stablecoins in Thailand. Additionally, Tether has hired a CFO to address audit concerns and enhance transparency.
Thailand’s Securities and Exchange Commission has officially approved Tether’s USDT as a recognized cryptocurrency, permitting its trading on authorized exchanges. This decision was announced in a press release by Tether on March 10 and is part of new digital asset regulations that will be implemented on March 16. As a result, USDT will now be allowed to operate within one of Asia’s largest cryptocurrency markets, with Thailand being among the top 20 countries for crypto adoption, where Tether’s stablecoin constitutes approximately 40% of trading volumes.
Tether’s Chief Executive Officer, Paolo Ardoino, expressed his enthusiasm for this decision, emphasizing the company’s aim to provide a secure, transparent, and reliable stablecoin experience for users in Thailand. Ardoino 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 regulatory approval coincides with Tether’s recent recruitment of Simon McWilliams as its Chief Financial Officer, tasked with addressing ongoing audit concerns. As reported earlier by crypto.news, McWilliams is expected to steer the company towards achieving a complete financial audit, responding to previous scrutiny regarding Tether’s operational transparency following the crypto market crash of 2022.
In the aftermath of this crash, the crypto community has advocated for increased transparency, prompting many exchanges to publish proof-of-reserves reports to validate their asset holdings. In response, Tether has begun releasing quarterly attestations verified by BDO Italy, an independent consulting firm. Despite these efforts, skepticism remains, with many calling for a full financial audit rather than mere attestations.
In conclusion, Thailand’s approval of Tether’s USDT marks a significant step forward in the adoption of cryptocurrencies in the region. This decision is beneficial for Tether, opening access to a large market and facilitating its use in a regulated environment. Furthermore, the recent appointment of a CFO aims to enhance transparency and audit practices within Tether, responding to community calls for greater accountability in the cryptocurrency industry.
Original Source: crypto.news
