Thailand gives green light to Tether’s USDT as approved crypto

The Commission for securities and exchanges of Thailand approved the USDT of Tether as a recognized cryptocurrency, allowing its regulated trade trade.

Thailand granted regulatory approval to Tether (USDT), allowing its list on approved scholarships and potential use in payments, the company announced. In a March 10 press releaseTether said approval was part of updating regulations on digital assets that take effect on March 16.

With approval, the USDT now has access to one of the largest markets in Asia, while the country ranks among the 20 best in the world in adoption of cryptography, with the attachment stable With around 40% of negotiation volumes.

Addressing this decision, the director general of Tether, Paolo Ardoino, praised the decision, saying that the company’s priority is to “provide users in Thailand with a secure, transparent and reliable stablecoin experience”.

“We are committed to supporting the success and long -term adoption of stabolics in Thailand and we are impatient to contribute to the growth of the country’s digital asset ecosystem by promoting a solid and sustainable stable infrastructure.”

Paolo Ardoino

The approval comes only a week after Tether hired a financial director to respond to the concerns of the persistent audit. Simon McWilliams will assume the role, aimed at conducting the company to a complete financial audit, Crypto.News reported earlier. This decision could attack a meticulous examination of TETHER operations, in particular with regard to the absence of a complete audit.

After the crash of the 2022 cryptography market, the cryptographic community was pressure for greater transparency. In response, crypto exchanges began to publish proof of reservations to demonstrate that they had enough assets.

Tether, in turn, began to publish quarterly orders verified by BDO Italy, an independent consulting company. However, some remain skeptical, calling for a complete financial audit instead of certificates.