Thailand Tightens Stablecoin Oversight, Targets USDT Transactions

Thailand's central bank and securities regulator are tightening oversight of stablecoin transactions. The focus will be on high-volume USDT activity and cash movements. Foreign exchange activity and gold trading will also face stricter oversight.

The initiative is a long-term strategy, Bank of Thailand Governor Vitai Ratanakorn said. It requires multiple enforcement measures running in parallel, not short-term interventions. Scam-related losses in Thailand reached roughly $3.4 billion in 2025, driven by around 173 million scam calls and text messages, according to officials. Stablecoins are a focus because they enable near-instant cross-border transfers, making them attractive for moving large sums.

New rules will also require banks, currency exchange providers, cash networks, and gold bullion traders to strengthen compliance. Large cash transactions will need declarations showing the source of funds. Cash deposits above 5 million baht, or about $150,000, will require full disclosure. Exchanges of high-denomination banknotes for smaller ones without a clear commercial purpose will face extra scrutiny.

Crypto trading remains legal in Thailand. The central bank still prohibits stablecoin payments for goods and services. Bitkub, the country's largest exchange, processes about $26 million in daily volume. Nearly 40% comes from foreign exchange markets, and the USDT/THB pair is the platform's most actively traded market.