Bank of Thailand targets USDT and cash flows in gray money crackdown
Thailand’s central bank is intensifying surveillance of stablecoins, especially USDT, to curb money laundering, illicit finance, and “gray money.” It is coordinating with the Securities and Exchange Commission to audit high-volume stablecoin activity, alongside cash, foreign exchange, and gold trading. New compliance measures will require source-of-funds checks for large cash transactions, increased monitoring of large note exchanges, and full disclosure for cash deposits above 5 million baht. The effort targets the gray economy and scam-related flows, including proceeds from call-center fraud. Stablecoins are a key focus because they enable fast cross-border transfers. Thailand still allows crypto trading, but crypto and stablecoin payments remain banned by the central bank. Past enforcement has been broad, with bank account freezes hitting many legitimate users as well as suspicious accounts.
