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Bank of Thailand expands USDT surveillance in gray money crackdown
The central bank said it is auditing high-volume stablecoin transactions, with particular attention to USDT, cash transactions, and currency exchanges.
Thailand’s central bank is stepping up stablecoin oversight as part of a broader effort to curb money laundering and illicit finance tied to the country’s “gray money” economy, Cointelegraph reports.
The Bank of Thailand is working with the Securities and Exchange Commission to audit high-volume stablecoin transactions, focusing on USDt (USDT) transactions as well as related cash activity and currency exchanges, to identify and stop illicit financial flows.
Bank of Thailand Governor Vitai Ratanakorn said the measures require ongoing deployment of multiple parallel strategies rather than quick fixes, according to Cointelegraph.
The crackdown also aims to expand compliance duties across commercial banks and cash networks, with additional monitoring for high-value cash transactions, source-of-funds declarations, and exchanges of large volumes of big banknotes without a clear business reason; cash deposits above 5 million baht, or about $150,000, require full disclosure.
Cointelegraph also notes that Thailand has faced widespread scam call centers, with estimated 2025 scam losses of $3.4 billion amid 173 million scam calls and texts, and that stablecoins are often used for fast cross-border transfers of large amounts.