Thailand’s central bank is planning tighter checks on capital deposits and high-value stablecoin transactions as part of a crackdown on hidden money flows. The Bank of Thailand will require customers to deposit 5 million baht, about $150,000, or more to explain and document where the money came from. Officials expect the rules to take effect in the fourth quarter of 2026.
Summary
- Thailand will require source checks for cash deposits worth five million baht or more across the country.
- Regulators are reviewing large USDT trades for hidden ownership and domestic currency channels that are now being bypassed.
- Withdrawal checks are in place to limit the activity of high-value currencies, creating similar controls on deposits later this year.
The central bank is working with Thailand’s Securities and Exchange Commission to investigate large USDT transactions. According to The Nation, officials have discovered patterns of transactions that may hide beneficial owners or avoid domestic currency channels. The review focuses on tracking who controls the funds and whether regulated platforms follow local laws.
Existing withdrawal controls extend to deposits
Fixed deposit checks extend controls introduced in April for cash withdrawals of at least 5 million baht. Customers issuing such withdrawals must provide banks with a valid business reason and explain why they cannot use an electronic transfer or check. The Bank of Thailand said withdrawals of high-value currency later fell by 35%.
Governor Vitai Ratanakorn said authorities will keep multiple controls working together rather than relying on a single temporary response. “The measures we are taking are not temporary fixes,” he said, adding that they require “a lot of the same strategies.” Banks will now face similar checks on large deposits, bridging the gap between inflows and outflows from accounts.
USDT remains authorized for regulated trading
The revision of USDT does not mean the ban of the stablecoin. Thailand’s SEC has added USDT and USDC to its list of cryptocurrencies approved in March 2025. Licensed digital asset exchanges can use them as base trading pairs, while issuers and regulated service providers can accept them in certain transactions.
AS reported at the time that the approval increased legal access to USDT on Thai regulated platforms. The current investigation instead targeted unusually large flows, unclear ownership, and possible attempts to extract value outside of formal remittance channels. It places transactional monitoring alongside Thailand’s existing laws for licensed crypto firms and client vetting.
Thailand has taken a mixed approach to digital goods. It allowed authorized crypto trading and regulated audited use while keeping direct crypto payments limited to most domestic settings. Crypto.news reported that the SEC was preparing regulations for crypto exchange-traded funds, derivatives, and token bonds through 2026.
The Bank of Thailand and the SEC also supervised TouristDigiPay, a program that allows qualified foreign tourists to convert crypto to baht before paying through the PromptPay QR network. Users must register with authorized providers and complete an identity test. Crypto.news reported that the model keeps merchants within the baht payment system while allowing controlled conversion from digital assets.
Comprehensive controls include gold and mule accounts
The extensive campaign also includes cash, banknotes, payment gateways, and mule accounts. Banks should report suspicious gold transactions, including immediate online purchases followed by same-day physical withdrawals. The Nation reported that the monthly withdrawal of gold has decreased from about 4,000 kilograms to 700 kilograms after strict vigilance.
Officials are also studying large fiat exchanges and accounts linked to online gambling. The stablecoin review adds blockchain records to that activity, but regulators have not announced fines or platforms named in the latest report. The SEC will handle any legal enforcement based on the findings. Customers and exchanges are now waiting for guidance before the fourth quarter deposit rules go into effect. The authorities did not provide a timetable for completing the USDT test or publishing its transaction results.
