Thailand Examines High-Value USDT Transactions... Expands Surveillance on Stablecoins and Cash

Thailand's central bank has initiated monitoring of high-value USDT transactions and stablecoin/cash transfers to combat money laundering, illegal finance, and grey economy activities. Partnering with the Securities and Exchange Commission, authorities are auditing USD stablecoin, cash, and exchange transactions to identify and block illicit fund flows. The measures come amid concerns over Chinese-linked scam operations spreading across the region, targeting untraceable cash movements including funds from suspicious sources like fraudulent call centers. Authorities warn that stablecoins' near-instant settlement features make them vulnerable to misuse for illegal transfers, with Bank of Thailand Governor Vitayaratn Rattanakorn emphasizing long-term, multi-strategy approaches. Regulatory scope now includes commercial banks' compliance obligations across cash networks, exchange offices, bullion trades, and suspicious stablecoin transactions, aiming to prevent institutions from becoming conduits for corruption. Cash transaction rules are also tightened, requiring source declarations for large cash movements and monitoring bulk conversions between high- and low-denomination notes. Thailand, despite its crypto-friendly reputation, still prohibits stablecoin-based payments, though crypto trading remains legal with major exchanges like Bitkub reporting significant volumes.