Thai regulators widen review of major stablecoin transfers
The Bank of Thailand (BOT) and the Thai Securities and Exchange Commission have begun a broad audit of large stablecoin transactions as part of a crackdown on illicit finance and the underground economy. Local media outlet Thansettakij reported that BOT Governor Vitai Ratanakorn said the two agencies are deploying advanced data analysis tools to screen for unusual stablecoin activity, with USDT receiving special attention as the dominant token by market share.
According to the report, the initial review has already flagged multiple suspicious fund flows. The transactions appeared to be structured to stay below reporting thresholds or to route money outside the traditional financial remittance system. The BOT is now in close talks with the SEC on follow-up penalties and regulatory measures.
Part of a broader campaign against gray-economy funding
The action on crypto is one part of Thailand’s wider effort to clean up the financial system. The report said the government has recently rolled out several related measures, including tighter controls on large cash deposits and withdrawals at traditional banks, stronger oversight of gold trading, and a broad review of accounts suspected of supporting online gambling services.
Vitai Ratanakorn said, “The regulatory measures we are pushing are by no means a short-term exercise, but a long-term effort that requires multiple approaches working together.”
Money-laundering case added urgency
Thailand’s tougher posture on crypto crime also follows a major money-laundering case. Police recently broke up a criminal group accused of laundering funds through cryptocurrency. Investigators said the suspects first obtained illegal proceeds through romance and “pig butchering” scams, then used cross-chain token swaps to spread funds across different crypto assets, making the money trail harder to trace.
Police found that one suspect’s crypto wallet alone handled $122.5 million in laundered funds over 10 months. Thansettakij said the case pushed Thai regulators to move faster to prevent virtual assets from becoming a haven for criminal activity.