The stablecoin screening is one strand of a broad campaign against what Thai officials call the "grey economy," an effort the governor cast as a long haul requiring several measures running in parallel rather than any quick fix. Since April, banks have had to check the purpose of cash withdrawals of 5 million baht (about $150,000) or more, a rule the central bank says cut large cash withdrawals by roughly 35%. From the fourth quarter, depositors bringing in 5 million baht or more in cash may have to declare where it came from.
Regulators are also tightening controls on high-value banknote exchanges and gold trading, where officials noticed buyers ordering gold through an app in the morning and collecting it from shops in the afternoon. Suspicious activity is now reported to Thailand's Anti-Money Laundering Office, and monthly gold withdrawals have fallen from about 4,000 kilograms to around 700. Banks have separately closed thousands of "mule" accounts linked to online gambling.
Crypto in Thailand
