The Bank of Thailand is extending its grey-capital crackdown to Thailand USDT transaction controls and large cash deposits, with new deposit reporting rules targeted for October 2026 and a joint review of large stablecoin flows already under way with the country’s securities regulator.
Deposit rules mirror April’s withdrawal clampdown
From October 2026, customers depositing 5 million baht (about $150,000) or more in cash will need to document the source of funds with their bank. The rules extend controls introduced in April for cash withdrawals at the same threshold, where customers must provide a verified business reason and explain why an electronic transfer or cheque is impractical.
Governor Vitai Ratanakorn confirmed the intent to run several measures in parallel rather than cycle through one-off responses. ‘The measures we are implementing are not short-term fixes,’ he said, adding that they require ‘multiple parallel strategies.’
The April withdrawal controls produced results quickly: the Bank of Thailand’s tightened withdrawal regime had already flagged two individual cash withdrawal transactions each exceeding $6 million, and high-value cash withdrawals subsequently fell by 35%. October’s deposit rules are designed to close the gap that remains on the inflows side.
According to Thairath, large banknote exchange transactions will also fall under the new requirements. Swapping 10 million baht in 1,000-baht notes for smaller denominations will require customers to justify why they need such a volume of cash. The central bank’s stated rationale is that cash is harder to trace than banking-system transfers, creating exposure to money laundering, mule accounts, and concealment of funds’ origins.
Thailand USDT transaction controls target ownership gaps
Alongside the cash measures, the Bank of Thailand is working with Thailand’s Securities and Exchange Commission (SEC) to scrutinise large USDT transactions. Officials identified patterns that may conceal beneficial owners or route value outside domestic remittance channels, according to The Nation. The review focuses on who controls the funds and whether licensed platforms followed local compliance requirements.
This is not a ban. Thailand’s SEC officially approved USDT and USDC on 6 March 2025, with the amended regulations taking effect from 16 March 2025. Licensed digital asset exchanges can use both as base trading pairs, and regulated service providers can accept them in specified transactions. As Tilleke & Gibbins noted at the time, the approved list also includes BTC, ETH, and XRP, among others.
The current inquiry targets unusually large flows, unclear ownership structures, and suspected circumvention of official remittance routes rather than routine stablecoin trading. Any formal enforcement will be handled by the SEC based on findings from the audit. No penalties have been announced and no platforms have been named publicly.
Gold and mule accounts round out the campaign
The stablecoin and deposit measures sit within a broader sweep. Banks must now report suspicious gold transactions, including rapid online purchases followed by same-day physical withdrawals. Monthly physical gold withdrawals fell from about 4,000 kilograms to roughly 700 kilograms after tighter oversight, according to The Nation. Authorities are also examining large banknote exchanges and accounts linked to online gambling.
Thailand’s approach to digital assets has otherwise remained permissive within regulated lanes: the SEC was preparing rules for crypto exchange-traded funds, derivatives, and tokenised bonds during 2026, and the Bank of Thailand ran TouristDigiPay, a programme allowing eligible foreign visitors to convert crypto into baht via the PromptPay QR network.
The USDT audit adds blockchain records to what is otherwise a cash-tracing exercise. No timetable has been set for completing the review or publishing its findings. Exchanges and customers are operating under existing compliance obligations until the SEC signals its next move.
