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FollowingThailand strengthens digital financial supervision and launches new regulations to curb the gray economy
The Central Bank of Thailand and the Securities and Exchange Commission (SEC) are joining forces to strengthen supervision of major digital asset transactions, with special attention to the stablecoin USDT. The new measures include strict banking regulations: customers with a single cash deposit of more than 5 million baht (about US$150,000) must provide clear documents proving the source of the funds.
Banking supervision upgrade
Driven by President Vitai Ratanakorn, the move aims to improve transparency in Thailand's financial system. The new rules will cover commercial banks, money exchange agencies, precious metals dealers and entities that handle large digital transfers. This reflects the authorities 'determination to crack down on the "grey economy" and seek to curb unregulated financial activities and vague asset ownership.
At the beginning of the year, the requirement for explaining the reasons for not using electronic means for large cash withdrawals has reduced the relevant withdrawals by 35%. Today, similar certificates are required for large deposits. Officials said the measures were aimed at reducing the space for hidden economic activity outside traditional regulatory systems.
Monitoring high-value USDT transactions
The Bank of Thailand and the SEC are closely reviewing large USDT transactions. Authorities worry that such transfers could conceal true ownership or allow market operations to circumvent regular remittance systems. Digital asset transfers, especially those involving USDT, may be used for unrestricted cross-border capital flows.
President Ratanakorn pointed out that about 40% of USDT sellers on Thai platforms are foreign citizens, prompting regulators to assess whether they comply with local anti-money laundering obligations. In view of the increasing popularity of digital currencies, regulators have emphasized the need to strengthen surveillance.
Key measures include:
·Proof of the source of funds required for cash deposits exceeding 5 million baht;
·Documentation required for equivalent cash withdrawals;
·Conduct a comprehensive beneficial ownership review of high-value USDT transfers.
Improving digital asset monitoring capabilities
Thailand's SEC is expanding the scope of digital asset supervision, soliciting opinions on "travel rules" requirements and requiring licensed platforms to collect and share detailed transaction data. This move is in line with international anti-money laundering agreements and ensures effective monitoring and fund tracking capabilities in cooperation with the central bank.
As an important player in Southeast Asia's digital asset market, Thailand has struck a balance between cryptocurrency-friendly policies and strict regulatory requirements. The SEC and the Central Bank are continuing to optimize their regulatory frameworks and integrate measures that are in line with global transparency and anti-money laundering expectations.
