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, Coin Insider Daily 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.