Thailand’s Securities and Exchange Commission (SEC) has granted regulatory approval to Tether’s USDT, officially recognizing it as a tradable cryptocurrency on licensed exchanges. This milestone allows the stablecoin to operate within Thailand’s regulated digital asset ecosystem, potentially opening new avenues for payments and financial applications.
Thailand Embraces USDT in Digital Asset Regulations
Tether announced the approval in a March 10 press release, highlighting that the decision aligns with Thailand’s updated digital asset regulations set to take effect on March 16. With this recognition, USDT gains access to one of Asia’s most significant crypto markets, where stablecoins already play a major role in trading activity. Notably, USDT accounts for nearly 40% of the country’s crypto trading volumes.
Tether CEO Paolo Ardoino welcomed the approval, emphasizing the company’s commitment to providing Thai users with a secure and transparent 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,” Ardoino stated.
Strengthening Tether’s Transparency Efforts
The approval follows Tether’s recent efforts to address ongoing concerns about financial transparency. Just last week, the company appointed Simon McWilliams as its new Chief Financial Officer, with a primary focus on advancing the firm toward a full financial audit. This move comes amid long-standing scrutiny over Tether’s financial operations, particularly its lack of a comprehensive audit.
Since the 2022 crypto market crash, regulatory bodies and investors have pushed for increased transparency in the industry. In response, many exchanges have introduced proof-of-reserves reports to verify asset holdings. Tether has taken similar steps by releasing quarterly attestations verified by independent firm BDO Italy. However, some critics argue that attestations are insufficient and continue to call for a complete financial audit.
The Future of Stablecoins in Thailand
Tether’s regulatory approval in Thailand marks a significant step toward integrating stablecoins into the country’s broader financial landscape. With the new framework taking effect, USDT could play a crucial role in Thailand’s growing crypto adoption and digital payments sector. The move signals Thailand’s increasing openness to digital assets while emphasizing the need for strong regulatory oversight in the evolving crypto market.
