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The Bank of Thailand strengthens stablecoin regulation, focusing on investigating large abnormal USDT transactions
BlockBeats, July 13: The Bank of Thailand said it has begun using data analytics tools to screen for abnormal large transactions in the stablecoin market, focusing on USDT issued by Tether to crack down on illegal capital flows and “gray economy” activities.
Bank of Thailand Governor Vitai Ratanakorn said that preliminary screening has found some transactions suspected of deliberately evading disclosure requirements or bypassing the traditional banking system to transfer funds. Since the Bank of Thailand’s digital asset regulatory authority falls under the Thai Securities and Exchange Commission (SEC), it will hand over the relevant leads to the SEC for further investigation.
This stablecoin sweep is part of Thailand’s crackdown on the “gray economy.” Since April this year, Thailand has required banks to verify the purpose of cash withdrawals exceeding 5 million Thai baht (about $150k) per transaction, and the scale of large cash withdrawals has fallen by about 35%. Starting in the fourth quarter, large cash deposits will also be required to report the source of funds. In addition, regulators have strengthened oversight of gold trading, large cash exchanges, and network gambling “runner accounts,” and the monthly gold withdrawal volume has dropped from about 4,000 kilograms to about 700 kilograms.
In recent years, Thailand has continued to intensify its crackdown on crypto-related crimes. Police recently uncovered a cross-chain money laundering network. The involved wallets transferred more than $122.5 million within 10 months, and investigations are ongoing into a cross-border money laundering case involving $300 million and illegal crypto mining operations.
At the same time, Thailand continues to advance the development of a compliant crypto market. The Thai SEC has proposed a three-year development plan covering tokenized assets and crypto ETFs, and the Bank of Thailand also said it is moving forward with the development of a stablecoin pegged to the Thai baht as part of an upgrade to financial infrastructure.