Thailand has begun auditing high-value stablecoin transactions after authorities flagged suspicious transfers that may have bypassed normal financial reporting systems.
Summary
- Thailand has started auditing high value USDT transactions after identifying transfers that may have bypassed reporting rules.
- The Bank of Thailand and the SEC are using data analytics to investigate suspicious stablecoin activity and assess possible regulatory action.
- The review forms part of an ongoing crackdown on money laundering, online gambling, and other grey economy activities.
According to local news outlet Thansettakij, the Bank of Thailand (BOT) and the country’s Securities and Exchange Commission (SEC) have started examining unusual activity involving stablecoins as part of ongoing efforts to curb illicit finance and the shadow economy.
BOT Governor Vitai Ratanakorn said the authorities are using data analytics tools to review high-volume transactions, with particular attention on Tether’s USDT. Preliminary checks have already identified several transfers that appear to have been structured to avoid disclosure requirements or move funds outside conventional payment channels, the report said.
The central bank is now working with the SEC to assess the findings and determine what regulatory action, if any, should follow.
Alongside the stablecoin review, Thai authorities have tightened oversight of other financial activities linked to money laundering risks. The report said regulators are increasing scrutiny of large cash deposits and withdrawals, gold trading, and bank accounts connected to online gambling operations.
Speaking about the campaign, Ratanakorn said the measures are intended to work together over time rather than serve as temporary solutions.
The latest review follows several enforcement actions taken this year. Most recently, Thai police uncovered a crypto laundering network that moved proceeds from romance scams through multiple cryptocurrencies using cross-chain token swaps to make transactions harder to trace. Investigators said one suspect’s digital wallet handled more than $122.5 million over a 10-month period.
Thailand continues crypto policy updates
The enforcement drive comes as Thailand continues to refine its digital asset framework in other areas.
Earlier this year, the SEC opened a public consultation on proposals that would allow licensed digital asset companies to offer crypto derivatives without creating separate corporate entities. The regulator said the change would lower operational costs while keeping businesses under a single supervisory framework with conflict management and internal control requirements.
The consultation builds on amendments to Thailand’s Derivatives Act approved by the Cabinet in February, which recognised digital assets as eligible underlying instruments for futures contracts. The SEC has said those changes are intended to support regulated crypto investment products while maintaining regulatory oversight.
