The Bank of Thailand, together with the local Securities and Exchange Commission, has launched a large-scale audit of large transactions involving stablecoins, with a particular focus on USDT. The audit also targets cash transactions and currency exchange.
These measures are aimed at combating money laundering and illegal financing. Regulators are expanding compliance requirements for commercial banks, cash transfer networks, exchange offices, and even participants in the gold bullion trading market. This signals that Thai authorities view stablecoins as a potential channel for financial abuse.
Why USDT in particular?
USDT, as the largest stablecoin by market capitalization, traditionally attracts regulatory attention due to its high liquidity and transaction anonymity. The Bank of Thailand appears to be seeking to minimize risks associated with the use of stablecoins in the shadow economy, especially amid growing interest in cryptocurrencies in the region.
The new compliance measures will affect not only crypto exchanges but also traditional financial institutions, highlighting the regulator's systemic approach. The tightening of control over exchange offices and gold trading indicates an attempt to block all possible channels for illegal capital flows.
Expert commentary: The Thai market demonstrates a mature approach to regulating digital assets. However, the tightening of control over USDT may temporarily reduce liquidity on local P2P platforms. In the long term, this will strengthen institutional investor confidence but will create additional bureaucratic barriers for retail traders.