The Bank of Thailand said it has started using data analytics tools to screen the stablecoin market for unusually large transactions, focusing on Tether-issued USDT as it steps up efforts against illicit fund flows and "gray economy" activity.
Bank of Thailand Governor Vitai Ratanakorn said the initial screening found some transactions that appeared to be intentionally structured to avoid disclosure requirements or move funds through channels outside the traditional banking system. Since digital asset oversight in Thailand falls under the Securities and Exchange Commission, the central bank said it will hand the relevant leads to the SEC for further investigation.
Stablecoin review tied to broader anti-gray economy drive
The stablecoin screening is part of Thailand’s wider campaign against gray economy activity. Since April this year, banks in the country have been required to verify the purpose of cash withdrawals above 5 million baht, roughly $150,000. The volume of large cash withdrawals has since fallen by about 35%.
Beginning in the fourth quarter, large cash deposits will also be required to declare the source of funds. Regulators have also tightened oversight of gold trading, large cash exchange transactions, and mule accounts used in online gambling schemes. Monthly gold withdrawals have dropped from about 4,000 kilograms to about 700 kilograms.
Thailand keeps pressure on crypto-related crime
Thailand has continued to intensify enforcement against crypto crime in recent years. Police recently broke up a cross-chain money laundering network whose wallets moved more than $122.5 million over 10 months. Authorities are also continuing to investigate a separate cross-border money laundering case involving $300 million, along with illegal crypto mining operations.
Enforcement push runs alongside regulated market development
At the same time, Thailand is still moving ahead with regulated crypto market initiatives. The Thai SEC has proposed a three-year development plan covering tokenized assets and crypto ETFs. The central bank also said it is advancing work on a baht-linked stablecoin as part of a broader financial infrastructure upgrade.