Thailand targets high-value USDT trades in grey capital crackdown

Thailand’s central bank plans stricter checks on large cash deposits and high-value stablecoin transactions as part of a campaign against hidden capital flows. The Bank of Thailand will require customers depositing 5 million baht, about $150,000, or more in cash to explain and document where the money came from. Officials expect the rules to begin in the fourth quarter of 2026.

The central bank is also working with Thailand’s Securities and Exchange Commission to examine large USDT transactions. According to The Nation, officials found transaction patterns that may conceal beneficial owners or avoid domestic remittance channels. The review focuses on tracing who controls the funds and whether regulated platforms followed local rules.

Existing withdrawal controls expand to deposits

The planned deposit checks extend controls introduced in April for cash withdrawals of at least 5 million baht. Customers making those withdrawals must give banks a verified business reason and explain why they cannot use an electronic transfer or cheque. The Bank of Thailand said high-value cash withdrawals later fell by 35%.

Governor Vitai Ratanakorn said the authorities would keep several controls running together rather than rely on one temporary response. “The measures we are implementing are not short-term fixes,” he said, adding that they require “multiple parallel strategies.” Banks will now face matching checks on large deposits, closing a gap between cash entering and leaving accounts.

USDT remains approved for regulated trading

The USDT review does not amount to a ban on the stablecoin. Thailand’s SEC added USDT and USDC to its approved cryptocurrency list in March 2025. Licensed digital asset exchanges can use them as base trading pairs, while issuers and regulated service providers can accept them in specified transactions.

AS reported at the time that the approval expanded legal access to USDT on regulated Thai platforms. The current inquiry instead targets unusually large flows, unclear ownership, and possible efforts to move value outside official remittance routes. It places transaction monitoring beside Thailand’s existing rules for licensed crypto firms and customer checks.

Thailand has taken a mixed approach to digital assets. It has allowed approved crypto trading and tested controlled uses while keeping direct crypto payments restricted in many domestic settings. Crypto.news reported that the SEC was preparing rules for crypto exchange-traded funds, derivatives, and tokenized bonds during 2026.

The Bank of Thailand and SEC also supervised TouristDigiPay, a program that lets eligible foreign visitors convert crypto into baht before paying through the PromptPay QR network. Users must register with approved providers and complete identity checks. Crypto.news reported that the model keeps merchants inside the baht payment system while allowing regulated conversion from digital assets.

Wider controls cover gold and mule accounts

The wider campaign also covers bullion, banknotes, payment gateways, and mule accounts. Banks must report suspicious gold transactions, including rapid online purchases followed by same-day physical withdrawals. The Nation reported that monthly physical gold withdrawals fell from about 4,000 kilograms to roughly 700 kilograms after tighter oversight.

Officials are also studying large banknote exchanges and accounts linked to online gambling. The stablecoin review adds blockchain records to that work, but regulators have not announced penalties or named platforms in the latest report. The SEC will handle any formal enforcement based on the findings. Customers and exchanges now await guidance before the fourth-quarter cash-deposit rules take effect. Authorities have not provided a timetable for completing the USDT audit or publishing its transaction findings.