Cash

Bank

Rule

<p>Thailand’s central bank and Securities and Exchange Commission have initiated a coordinated effort to tighten oversight of significant digital asset transactions, with a focus on the stablecoin USDT. The Bank of Thailand is preparing to implement stricter banking rules, requiring any individual depositing 5 million baht ($150,000) or more in cash to provide clear documentation verifying the origin of those funds.</p>
<h2 id="new-compliance-rules-for-financial-institutions">New compliance rules for financial institutions</h2>
<p>The central bank’s initiative, headed by Governor Vitai Ratanakorn, aims to enhance financial transparency across the country’s banking and financial sectors. Under the new framework, commercial banks, foreign currency exchanges, bullion dealers, and entities managing large digital asset transfers will all need to comply with expanded regulatory requirements.</p>
<p>Authorities have stated that these controls are part of a broader push to address the “grey economy” in Thailand, encompassing economic activities that operate outside standard regulatory channels. By tightening regulations on both cash and digital asset flows, officials hope to reduce opportunities for hidden ownership and unregulated financial movement.</p>
<p>New rules introduced earlier in the year required customers making cash withdrawals above 5 million baht to explain why electronic means could not be used. Officials have reported a 35% drop in large cash withdrawals following these requirements. As a result, similar documentation standards will now apply to corresponding large deposits.</p>
<h2 id="large-usdt-transfers-under-scrutiny">Large USDT transfers under scrutiny</h2>
<p>Alongside cash deposit reforms, the Bank of Thailand and the SEC have begun closely monitoring high-value USDT transactions. Concerns have been raised that some digital asset transfers may help obscure actual ownership or allow market participants to bypass traditional remittance systems.</p>
<p>Officials are also reviewing whether stablecoins, particularly USDT, are being used to facilitate cross-border capital flows that avoid regulatory oversight. Governor Ratanakorn has reported that about 40% of USDT sellers on Thai exchanges are foreign nationals, prompting further examination of potential compliance gaps with local anti-money laundering standards.</p>
<p>While Thailand’s overall crypto market remains smaller than its deep foreign exchange market, regulators argue that a stronger monitoring approach is necessary as digital asset usage continues to expand.</p>
<p>Mini dictionary: USDT, also known as <a href="https://en.coin-turk.com/celsius-files-lawsuit-against-tether-for-2-4-billion/" rel="noopener noreferrer nofollow">Tether</a>, is a stablecoin designed to maintain a value pegged to the US dollar. It is widely used in crypto trading for quick, stable transfers between platforms and fiat currency equivalents.</p>
<blockquote>
 <p>Regulators claim the new compliance framework is intended to “strengthen financial transparency” and not just serve as a temporary crackdown on irregular economic activities.</p>
</blockquote>
<table>
 <thead>
  <tr>
   <th>Transaction Type</th>
   <th>Min. Amount for Scrutiny</th>
   <th>Required Action</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>Cash Deposit</td>
   <td>5 million baht ($150,000)</td>
   <td>Proof of funds’ origin</td>
  </tr>
  <tr>
   <td>Cash Withdrawal</td>
   <td>5 million baht ($150,000)</td>
   <td>Justification for not using digital transfer</td>
  </tr>
  <tr>
   <td>Large USDT Transfer</td>
   <td>Any high-value transaction</td>
   <td>Beneficial ownership checks</td>
  </tr>
 </tbody>
</table>
<h2 id="sec-sharpens-digital-asset-regulation">SEC sharpens digital asset regulation</h2>
<p>In June, Thailand’s SEC, the country’s primary securities market regulator, began a public consultation on new Travel Rule requirements. This proposal will oblige licensed digital asset platforms to collect and transmit detailed information about both senders and recipients for all crypto transactions, aligning with international anti-money laundering (AML) guidelines.</p>
<p>The SEC is also working on enhanced measures to improve blockchain transaction monitoring, expand fund-tracing capabilities, and reinforce oversight of all stablecoin operations conducted through licensed providers. Initiatives are being finalized in coordination with the Bank of Thailand and the Anti-Money Laundering Office.</p>
<p>Thailand has developed into one of Southeast Asia’s more active digital asset markets, maintaining a balance between crypto-friendly policy and rigorous licensing requirements for trading platforms and digital asset services.</p>
<blockquote>
 <p>Officials are reviewing whether digital assets such as USDT are being used to bypass traditional cross-border payment systems and facilitate unregulated capital movement. The SEC expects new measures to bring Thailand’s digital asset oversight closer to international norms for anti-money laundering and transparency.</p>
</blockquote>
<p>The post <a href="https://en.coin-turk.com/bank-of-thailand-and-sec-target-large-usdt-transactions-with-stricter-rules/" rel="noopener noreferrer nofollow">Bank of Thailand and SEC target large USDT transactions with stricter rules</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bank of Thailand and SEC target large USDT transactions with stricter rules

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