The Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC) have launched audits targeting high-volume stablecoin transactions as part of an intensified effort to curb illicit financial activities and shrink the shadow economy, according to a report by Thai news outlet Thansettakij.
BOT Governor Vitai Ratanakorn stated that authorities are employing advanced data analytics tools to scrutinize unusual trading patterns involving stablecoins, with a particular focus on Tether’s USDT. Initial investigations have already flagged multiple transactions seemingly structured to circumvent disclosure obligations or bypass conventional fund transfer channels.
The central bank is now working closely with the SEC to assess appropriate regulatory responses based on these findings. This initiative aligns with Thailand’s broader strategy to eliminate systemic loopholes exploited for money laundering and other grey-market operations.
Complementary measures include tighter oversight of large cash deposits and withdrawals, enhanced monitoring of gold trading, and stricter controls on accounts associated with online gambling platforms.
“The measures being implemented are not short-term fixes but require multiple ongoing, complementary actions,” Governor Ratanakorn emphasized.
The crackdown follows a recent breakthrough by Thai police, who dismantled a cryptocurrency-based money laundering ring linked to romance scams. In that case, suspects used cross-chain token swaps across multiple cryptocurrencies to obscure the origin of illicit funds. Authorities revealed that one digital wallet alone processed over $122.5 million in just 10 months.
The Block has reached out to both the BOT and the SEC for further comment.
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