Bank of Thailand Flags Abnormal Stablecoin Trades in 'Grey Economy' Crackdown
Thailand’s central bank is using data analytics to scan large stablecoin trades, especially USDT, for possible money laundering and attempts to bypass banking disclosure rules. The Bank of Thailand is coordinating with the SEC, which has direct authority over digital assets, and has already flagged suspicious activity. This is part of a broader crackdown on the “grey economy,” including stricter checks on large cash withdrawals and deposits, tighter controls on high-value banknote exchanges, and closer monitoring of gold trading. Authorities say these measures have reduced large cash withdrawals and gold withdrawals, and banks have closed thousands of mule accounts. Thailand is also aggressively pursuing crypto-linked crime networks while simultaneously promoting legitimate crypto innovation, including tokenization, crypto ETFs, and a potential baht-backed stablecoin.
