Bank of Thailand audits high-volume stablecoin trades to crack down on illicit finance: report

Quick Take

• The Bank of Thailand and the Thai SEC are jointly analyzing high-volume stablecoin transactions to catch illicit activities.
• Other measures include stricter controls on large cash deposits and withdrawals, gold trading, and accounts linked to online gambling.

The Bank of Thailand and the country's Securities and Exchange Commission have reportedly initiated audits of high-volume stablecoin transactions as part of a broader crackdown on illicit finance and the shadow economy.

According to local news outlet Thansettakij, BOT Governor Vitai Ratanakorn said the central bank and the SEC have begun using data analytics tools to examine abnormal trading activity in stablecoins, specifically focusing on Tether's USDT.

Preliminary reviews have already identified several transactions that appear designed to evade disclosure requirements or bypass normal fund transfer systems, according to the report. The BOT is currently coordinating with the SEC to determine follow-up regulatory actions.

The Block has reached out to the BOT and SEC for comment.

Ongoing crackdown

This is part of Thailand's broader move to close loopholes in the financial system that support “grey economy” activities, such as money laundering. Other measures include stricter controls on large cash deposits and withdrawals, gold trading, and accounts linked to online gambling.

“The measures being implemented are not short-term fixes but require multiple ongoing, complementary actions,” the BOT governor reportedly said.

Recently, Thai police authorities uncovered a crypto money-laundering scheme that routed romance-scam proceeds through multiple cryptocurrencies via cross-chain token swaps to obscure the financial trail. Authorities said one suspect's digital wallet processed more than $122.5 million over 10 months alone.

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