Thailand Central Bank Tightens Scrutiny of Large Tether Trades to Curb Money Laundering

Thailand’s central bank is tightening scrutiny of large transactions to curb money laundering and illicit fund flows tied to stablecoins.

Cointelegraph reported on July 13 that the Bank of Thailand is working with the Securities and Exchange Commission to audit large stablecoin transactions centered on Tether’s USDT, along with cash and foreign-exchange transactions.

Bank of Thailand Governor Witai Ratanakorn told local outlet The Nation that the measures are not a short-term fix and that multiple strategies must be pursued on an ongoing basis.

The move targets Thailand’s “gray economy.” The central bank is focusing on the circulation of suspicious funds in cash form, including money linked to illegal groups such as scam call centers. Scam losses in Thailand reached 115 billion baht, or about $3.4 billion, in 2025 alone, while scam calls and text messages totaled about 173 million over the same period.

The rules extend beyond cash transactions to include foreign exchange and gold trading. Cash deposits of more than 5 million baht, or about $150,000, now require a declaration of the source of funds. Authorities will also monitor transactions that exchange large-denomination banknotes for smaller bills without a clear business purpose.

Cryptocurrency trading is legal in Thailand, but the central bank bans the use of digital assets and stablecoins as a means of payment. Thailand’s largest exchange, Bitkub, records average daily trading volume of about $26 million. About 40% of that comes from the USDT-Thai baht trading pair, according to CoinGecko.

Thai authorities froze 3 million bank accounts during a 2025 crackdown on borrowed-name accounts, but the move sparked controversy after accounts belonging to ordinary individuals and legitimate businesses were blocked in large numbers.