The Bank of Thailand tightens control over stablecoins: USDT in the regulator's crosshairs
The Bank of Thailand, together with the country's Securities and Exchange Commission, is launching a large-scale audit of large stablecoin transactions, with particular attention to USDT. In parallel, regulators are stepping up monitoring of cash and currency exchange operations.
These measures are part of a systemic fight against money laundering and illegal financing. The new compliance requirements apply not only to commercial banks, but also to cash settlement networks, currency exchange offices, and even gold bullion trading. Thus, Thailand is expanding the perimeter of financial control, including the cryptocurrency sector alongside traditional instruments.
Why USDT in particular? This stablecoin remains the most liquid and widely used asset for transfers and trading in the Asia-Pacific region. Its popularity makes USDT a convenient tool for both legal transactions and gray schemes, which is what attracts increased attention from regulators.
For market participants, this is a signal: Thailand is moving from simple observation to active control. Commercial banks and crypto exchanges operating within the jurisdiction will have to implement stricter KYC/AML procedures for USDT transactions, especially those exceeding threshold amounts. Similar measures are expected to follow in other Southeast Asian countries, where P2P stablecoin trading volumes are growing exponentially.
Expert opinion: Tightening control over USDT in Thailand is a logical step for a country seeking to maintain a balance between innovation and financial security. However, it is important that regulators do not overdo it: excessive pressure could push legitimate crypto projects into unregulated jurisdictions, which would only increase the shadow turnover.