Bank of Thailand targets USDT and cash flows in gray money crackdown

Thailand has been plagued by Chinese-affiliated scam centers, with illicit gains flowing through a “gray money” economy.

Thailand’s central bank is stepping up stablecoin surveillance as part of a wider effort to crack down on money laundering, illicit finance and “gray money” in the country.

The Bank of Thailand is working with the Kingdom’s Securities and Exchange Commission to audit high-volume stablecoin transactions, with a focus on USDt (USDT), cash transactions and currency exchanges, to identify and stop illicit financial flows.

“The measures we are implementing are not short-term fixes; they require the continuous deployment of multiple parallel strategies,” Bank of Thailand Governor Vitai Ratanakorn said, according to local media outlet The Nation on Saturday.

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