Thailand tightens oversight on USDT trades and cash deposits

The Bank of Thailand is coordinating with the Securities and Exchange Commission to scrutinize stablecoin movements, specifically focusing on patterns that obscure beneficial ownership or bypass traditional remittance channels. This initiative builds on existing withdrawal restrictions introduced in April 2024, which successfully reduced large-scale cash outflows by 35%. Governor Vitai Ratanakorn emphasized that these measures represent a sustained, multi-layered regulatory strategy rather than a temporary intervention.

While the review targets suspicious flows, it does not signal a retreat from digital asset adoption. USDT remains a legally approved trading pair on licensed Thai exchanges, following the SEC’s decision to authorize the stablecoin in March 2025. The current investigation aims to ensure that transaction monitoring keeps pace with the integration of blockchain assets, placing stablecoin oversight alongside existing controls on gold bullion and suspicious account activity. Authorities have yet to establish a firm timeline for the conclusion of the USDT audit or the specific enforcement protocols that will follow.