Tether has started working with BDO Italia, the Italian member company of the global BDO organization, to strengthen its transparency, according to a press release.
The company said it is working more on accountability and once it works with the BDO organization it will release monthly reports instead of quarterly as before. Stablecoin issuers release certificates to assure the market that their coins are backed by real assets.
“We are committed to serving the rapidly growing cryptocurrency market as the strongest stable asset in the Web3 economy,” said Paolo Ardoino, CTO of Tether. “The utility of Tether is no longer just a tool for quickly entering and exiting trading positions, and as such it is critical for us to scale alongside the peer-to-peer and payments markets. Tether’s commitment to transparency is nothing new. It is his leadership’s responsibility as a market leader to educate the world about stablecoin technology.”
BDO is the fifth largest public accounting organization by revenue.
In addition, the Korea Financial Intelligence Unit (KoFIU) has announced that it has reported to authorities 16 unregistered virtual asset service providers operating in the domestic market, according to a press release.
The VASPs in question were KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, and Pionex.
The KoFIU said virtual asset users should be cautious to avoid additional damages that could come from their transactions with unregistered companies that could lead to hacking or privacy breaches.
The VASPs have reportedly targeted domestic customers through Korean-language websites, held promotional events, and offered payment options to support virtual assets. Since the companies were targeting Koreans without registering, KoFIU decided to take action.
KoFIU has said there should be five years in prison for illegal business activities, and it has said the Korea Communications Commission and Korea Communications Standards Commission should block domestic access to unregistered VASPs’ websites while credit card companies screen and block cards will. based purchases of virtual assets from foreign VASPs.