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Thailand’s Securities and Exchange Commission has approved Tether’s $USDT as a recognized cryptocurrency, allowing its trade on regulated exchanges.
Thailand has granted regulatory approval to Tether’s ($USDT), allowing its listing on licensed exchanges and potential use in payments, the company announced. In a March 10 press release, Tether said the approval comes as part of updated digital asset regulations set to take effect on March 16.
With the approval, $USDT now has access to one of Asia’s largest markets, as the country ranks among the top 20 globally in crypto adoption, with Tether’s stablecoin accounting for around 40% of trading volumes.
Addressing the move, Tether chief executive Paolo Ardoino welcomed the decision, saying the firm’s priority is to “provide users in Thailand with a secure, transparent, and reliable stablecoin experience.”
“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.”
Paolo Ardoino
The approval comes just a week after Tether hired a chief financial officer to address lingering audit concerns. Simon McWilliams will take on the role, aiming to drive the company toward a full financial audit, crypto.news reported earlier. The move could address ongoing scrutiny over Tether’s operations, particularly regarding the absence of a comprehensive audit.
Following the 2022 crypto market crash, the crypto community pushed for greater transparency. In response, crypto exchanges began publishing proof-of-reserves reports to demonstrate they held sufficient assets.
Tether, in turn, started releasing quarterly attestations verified by BDO Italy, an independent consulting firm. However, some remain skeptical, calling for a full financial audit instead of attestations.