The Bank of Thailand tightens oversight on stablecoins: USDT and cash flows in the crosshairs
The Central Bank of Thailand, together with the national Securities and Exchange Commission (SEC), has launched a large-scale audit of major stablecoin transactions, with a particular focus on USDT. At the same time, regulators have taken control of cash settlements and currency exchange.
Focus on Combating Illegal Finance
These measures are primarily aimed at curbing money laundering and the financing of illegal activities. The new compliance requirements apply not only to commercial banks but also to cash transfer networks, currency exchange points, and even gold bullion trading. In this way, Thailand seeks to close loopholes that could have been used for shadow operations through stablecoins.
Notably, USDT, as the largest stablecoin by market capitalization, has become the center of attention. Regulators are clearly concerned about its role in cross-border transfers and its potential use to bypass traditional banking controls. The audit will cover not only the transactions themselves but also related flows—cash and currency exchanges—indicating a comprehensive approach to monitoring.
Analytical Commentary: This step is a logical continuation of the global trend toward tightening stablecoin regulation. Thailand, while actively developing its digital economy, simultaneously seeks to protect its financial system from risks. I expect that such audits will lead to a temporary decline in USDT trading volumes in the region, but in the long term, they will strengthen trust in legitimate crypto instruments.