Regulators will monitor high-volume USDT transactions, cash movements, foreign exchange activity, and gold trading while introducing stricter reporting requirements for large cash transactions. Although stablecoin payments are prohibited, cryptocurrency trading continues to be legal in Thailand.
Thailand Tightens Stablecoin Monitoring
Thailand is tightening its oversight of stablecoin transactions as part of a campaign to combat money laundering, illicit finance, and the country's growing "gray economy." The Bank of Thailand is working alongside the Securities and Exchange Commission to monitor high-volume stablecoin activity, with a particular focus on Tether's USDT, cash transactions, and foreign exchange operations.
According to Bank of Thailand Governor Vitai Ratanakorn, the initiative is part of a long-term strategy that will require multiple enforcement measures operating simultaneously rather than short-term interventions. Authorities are particularly concerned about the use of digital assets and cash in facilitating criminal activities, including scam operations that have become very common in the region.
Bank of Thailand Governor Vitai Ratanakorn
Officials estimate that scam-related losses in Thailand reached approximately $3.4 billion during 2025, driven by around 173 million scam calls and text messages. Stablecoins have become an area of interest for regulators because they enable near-instant cross-border transfers, which makes them an attractive option for moving large amounts of money.
The new measures will also strengthen compliance requirements for commercial banks, currency exchange providers, cash networks, and gold bullion traders. Financial institutions will be expected to monitor suspicious stablecoin transactions more closely and identify activities that could support corruption, money laundering, or other underground financial operations.
In addition to this, Thailand is introducing stricter reporting requirements for large cash movements. High-value cash transactions will require declarations showing the source of funds, while exchanges involving large quantities of high-denomination banknotes for smaller notes without a clear commercial purpose will receive additional scrutiny. Cash deposits exceeding 5 million baht, or roughly $150,000, will also require full disclosure.
Although Thailand is often seen as a crypto-friendly destination, the country's central bank still prohibits digital asset and stablecoin payments for goods and services. However, cryptocurrency trading is legal under the existing regulatory framework.
Thailand's largest cryptocurrency exchange, Bitkub, also records impressive trading activity, and processes approximately $26 million in daily volume. Almost 40% of that volume comes from foreign exchange markets, with the USDT/THB trading pair being the platform's most actively traded market.
