Thailand’s SEC has approved Tether’s USDT as a recognized cryptocurrency for trading and payments, enabling its use on licensed exchanges starting March 16. This decision positions USDT in a key market with high crypto adoption. Tether promises secure services and has appointed a new CFO to address transparency concerns following scrutiny after the 2022 market crash.
Thailand’s Securities and Exchange Commission has granted approval for Tether’s USDT, recognizing it as a legitimate cryptocurrency. This regulatory endorsement permits USDT to be traded on licensed exchanges and utilized for transactional purposes. The approval follows updated digital asset regulations set to commence on March 16, as announced by Tether in a press release dated March 10.
The approval positions USDT in one of Asia’s most significant crypto markets, where Thailand ranks among the top 20 countries globally for cryptocurrency adoption. Notably, Tether’s stablecoin constitutes approximately 40% of trading volumes in the region. Tether’s Chief Executive, Paolo Ardoino, expressed optimism regarding the development, emphasizing the firm’s commitment to ensuring a secure and reliable stablecoin experience for Thai users.
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.” The development came shortly after Tether appointed Simon McWilliams as Chief Financial Officer to enhance transparency and advance towards a full financial audit.
The cryptocurrency market’s aftermath of the 2022 crash has heightened demands for transparency, prompting exchanges to deliver proof of reserves to validate their asset holdings. In response, Tether has begun sharing quarterly attestations confirmed by BDO Italy, although some stakeholders continue to advocate for a comprehensive audit to further ensure accountability in Tether’s operations.
In summary, Thailand’s approval of Tether’s USDT establishes a significant advancement for the cryptocurrency’s presence in the Asian market, facilitating its trading and payment capabilities. Tether aims to enhance user experience and contribute to Thailand’s digital asset ecosystem. Additionally, the appointment of a new CFO signals Tether’s initiative to address transparency issues and enhance trust within the cryptocurrency community, particularly following calls for comprehensive audits in light of past market events.
Original Source: crypto.news
