Thailand Approves Tether’s USDT as Official Cryptocurrency

Thailand’s Securities and Exchange Commission (SEC) has officially approved Tether’s USDT as a recognized cryptocurrency, allowing it to be traded on licensed exchanges in the country. This regulatory green light, announced on March 10, comes as part of updated digital asset regulations that will take effect on March 16.

With this approval, USDT gains access to one of the largest cryptocurrency markets in Asia, where Thailand ranks among the top 20 globally in terms of crypto adoption. USDT, as a stablecoin, currently accounts for around 40% of trading volumes in the country.

Paolo Ardoino, the CEO of Tether, expressed his enthusiasm about the approval, emphasizing the company’s commitment to providing Thai users with a secure, transparent, and reliable stablecoin experience. He further stressed that Tether aims to support the long-term success and adoption of stablecoins in Thailand and contribute to the growth of the country’s digital asset ecosystem.

This approval comes on the heels of Tether’s appointment of a new Chief Financial Officer, Simon McWilliams, who will oversee efforts to address lingering concerns over the company’s financial audits. Tether has faced ongoing scrutiny regarding its lack of a full audit, with critics calling for more transparency in its operations. In response, Tether has been releasing quarterly attestations verified by BDO Italy, but some in the crypto community have demanded a comprehensive audit instead.

The approval of USDT in Thailand signals growing regulatory acceptance of stablecoins in major global markets, with the potential for increased usage in payments and trading.