Written by Martin Youngstaff writerReviewed by Felix Ngstaff editor

Written by Martin Youngstaff writer

Reviewed by Felix Ngstaff editor

Bank of Thailand targets USDT and cash flows in gray money crackdown

Latest NewsPublishedJul 13, 2026

Cracking Down on Gray Money in Thailand

The Bank of Thailand is taking steps to curb money laundering and illicit finance in the country by increasing surveillance on stablecoins, particularly USDT. This move aims to tackle the “gray money” economy, which is largely composed of cash from suspicious sources, such as scam call centers. By working with the Securities and Exchange Commission, the Bank of Thailand hopes to identify and stop illicit financial flows.

Stablecoins have become a popular method for transferring large amounts of money due to their near-instant cross-border settlement. However, this has also made them a target for those looking to launder money or engage in other illicit activities. The Bank of Thailand’s efforts will expand commercial bank compliance duties to prevent regulated entities from facilitating corruption or shadow economies.

Regulations and Monitoring

High-value cash transactions will require a source-of-funds declaration, and exchanges of large volumes of big banknotes for smaller denominations without a clear business reason will be monitored. Cash deposits of more than 5 million baht ($150,000) will also require full disclosure. These measures are part of a broader effort to crack down on the “gray economy” in Thailand, which is estimated to have resulted in scam losses of 115 billion THB ($3.4 billion) in 2025.

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Cash, forex and gold trading targeted

The move will expand commercial bank compliance duties across cash networks, currency exchanges, gold bullion trading and “suspicious stablecoin transactions” in an effort to prevent regulated entities from facilitating corruption or shadow economies, it reported.

High-value cash transactions will also require a source-of-funds declaration, and exchanges of large volumes of big banknotes for smaller denominations without a clear business reason will also be monitored. Cash deposits of more than 5 million baht ($150,000) also require full disclosure. 

Related: Thailand crypto platforms freeze 10K accounts in AML crackdown: Report

Thailand has often been touted as a crypto haven, but digital asset and stablecoin payments are still outlawed by the central bank and there has been regular rule tightening on crypto businesses. 

Crypto trading remains legal, with the country’s largest exchange, Bitkub, seeing about $26 million in daily volume. However, almost 40% of that is forex, with the USDT/THB pair being the most popular, according to CoinGecko. 

Scammer crackdown gone wrong

Thailand’s banks imposed sweeping account restrictions and froze three million bank accounts in 2025 as part of its crackdown on mule accounts, gray capital and suspicious activity.

However, thousands of individuals and legitimate businesses were caught in the dragnet in what media reports described at the time as a “scammer crackdown gone wrong.” 

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Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Thailand
• Stablecoin
• Central Bank
• Tether
• Regulation

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