Thailand Approves Tether’s USDT as Recognized Cryptocurrency

Thailand’s Securities and Exchange Commission has approved Tether’s USDT, enabling its trading on licensed exchanges and potential use in payments. This decision is part of updated regulations coming into effect on March 16. Tether aims to enhance user experience in Thailand as it seeks to bolster trust through enhanced financial audits and transparency measures.

Thailand’s Securities and Exchange Commission has officially recognized Tether’s USDT as an approved cryptocurrency. This regulatory endorsement enables USDT to be traded on licensed exchanges within Thailand, expanding the cryptocurrency’s use case to include payments as announced by Tether in a press release dated March 10. The approval aligns with updated digital asset regulations that are set to be implemented starting March 16.

With this regulatory green light, USDT gains access to one of Asia’s most significant cryptocurrency markets, as Thailand ranks among the top 20 countries globally regarding crypto adoption. Notably, Tether’s stablecoin accounts for approximately 40% of Thailand’s trading volumes, highlighting its critical role in the region’s digital economy.

Tether’s chief executive, Paolo Ardoino, expressed enthusiasm regarding the approval, emphasizing the company’s dedication to providing Thai users with a secure and dependable stablecoin experience. Ardoino remarked on the firm’s commitment to supporting the growth and long-term adoption of stablecoins within Thailand and contributing positively to the digital asset landscape.

This approval occurred shortly after Tether appointed Simon McWilliams as chief financial officer, intending to address ongoing audit concerns and increase transparency. McWilliams is tasked with progressing Tether toward a comprehensive financial audit amidst skepticism surrounding the company’s reporting practices. The introduction of additional transparency measures follows the 2022 crypto market collapse, with exchanges now publishing proof-of-reserves to validate their asset holdings.

In response, Tether has begun issuing quarterly attestations, verified by BDO Italy, an independent consulting firm. Nonetheless, there remains skepticism in the community, with calls for a complete financial audit to alleviate doubts about Tether’s operational integrity and financial stability.

In summary, Tether’s USDT has received regulatory approval for trading in Thailand, affirming its status as an officially recognized cryptocurrency. This development, accompanied by a commitment to transparency through new leadership and audit measures, signals a significant step for Tether in expanding its influence in the Asian cryptocurrency market. The initiative aims to foster a robust digital ecosystem in Thailand, amidst ongoing calls for enhanced scrutiny in the cryptocurrency industry.

Original Source: crypto.news