Thailand has begun auditing high-value stablecoin transactions after authorities reported suspicious transfers that may have bypassed normal financial reporting systems.
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- Thailand has begun auditing high-value USDT transactions after identifying transfers that may have exceeded reporting rules.
- The Bank of Thailand and the Securities and Exchange Commission are using data analytics to investigate suspicious stablecoin activity and evaluate potential regulatory actions.
- The review forms part of an ongoing campaign against money laundering, online gambling and other gray economy activities.
according to Local news outlet ThansitakigThe Bank of Thailand (BOT) and the country’s Securities and Exchange Commission (SEC) have begun examining unusual activity involving stablecoins as part of ongoing efforts to curb illicit financing and the shadow economy.
BOT Governor Vithay Rattanakorn said authorities were using data analysis tools to review high-volume transactions, paying particular attention to Tether’s USDT coin. The report said that preliminary examinations have already identified several transfers that appear to have been organized to avoid disclosure requirements or move funds outside traditional payment channels.
The central bank is now working with the Securities and Exchange Commission to evaluate the findings and determine what regulatory action, if any, should be followed.
Besides reviewing the stablecoin, Thai authorities have tightened oversight of other financial activities linked to money laundering risks. Regulators are increasing scrutiny of large cash deposits and withdrawals, gold trading and bank accounts linked to online gambling operations, the report said.
Speaking about the campaign, Rattanakorn said the measures were intended to work together over time rather than act as temporary solutions.
The latest review follows several enforcement actions taken this year. Recently, Thai police uncovered a cryptocurrency laundering network that moved the proceeds of romance scams through multiple cryptocurrencies using cross-chain token swaps to make tracking transactions more difficult. Investigators said one of the suspects’ digital wallet handled more than $122.5 million over a 10-month period.
Thailand continues to update its crypto policy
The implementation drive comes as Thailand continues to improve its digital assets framework in other areas.
Earlier this year, the S.E.C Public consultation opened On proposals that would allow licensed digital asset companies to offer cryptocurrency derivatives without creating separate corporate entities. The regulator said the change would reduce operating costs while keeping companies under a single supervisory framework with conflict management and internal control requirements.
The consultation builds on amendments to the Thai Derivatives Law approved by the Cabinet in February, which recognized digital assets as underlying instruments eligible for futures contracts. The SEC said these changes are intended to support regulated crypto investment products while maintaining regulatory oversight.
