Thailand’s SEC has approved Tether’s USDT as an official cryptocurrency, facilitating its trading on regulated exchanges. This marks a significant step in Thailand’s digital asset landscape, as USDT will be utilized more extensively in transactions, representing a crucial aspect of the country’s crypto market.
The Securities and Exchange Commission of Thailand has officially sanctioned Tether’s USDT as an accepted cryptocurrency, enabling its trading on regulated platforms. This approval, announced on March 10, coincides with upcoming digital asset regulations effective from March 16, allowing USDT to be listed on licensed exchanges and used in payments.
With this authorization, USDT gains entry into one of the largest markets in Asia. Thailand is noted for being among the top 20 nations globally regarding cryptocurrency adoption, where Tether’s stablecoin accounts for approximately 40% of trading volumes.
Paolo Ardoino, the CEO of Tether, expressed gratitude for this development, stating the company prioritizes delivering a secure and transparent stablecoin experience to its users in Thailand. He emphasized their commitment to the stablecoin’s long-term success and the significant contribution to Thailand’s digital asset ecosystem through a robust infrastructure.
This regulatory approval comes shortly after Tether appointed Simon McWilliams as its new chief financial officer, tasked with addressing ongoing scrutiny surrounding the company’s audit practices. McWilliams’ role will focus on steering Tether towards a comprehensive financial audit, particularly amid community calls for increased transparency following the notable crypto market crash of 2022.
In light of recent events, Tether has begun publishing quarterly attestations, verified by BDO Italy, an independent consulting firm, to confirm adequate asset holdings. Nevertheless, skepticism persists about the effectiveness of these attestations, with a segment of the community demanding a full financial audit instead.
In conclusion, Thailand’s approval of Tether’s USDT as a recognized cryptocurrency marks a significant advancement in the region’s digital asset landscape. This development not only enhances Tether’s market presence but also underscores the growing need for transparency in the crypto sector, particularly following recent market challenges. Tether’s commitment to strengthening the stablecoin framework in Thailand emphasizes its role in fostering a sustainable digital ecosystem.
Original Source: crypto.news
