Thailand to Audit USDT Transactions, Tighten Cash Deposit Rules
Thailand's central bank plans to require proof of funds for large cash deposits and audit USDT transactions with securities regulators.
Thailand's central bank, the Bank of Thailand (BOT), is preparing new measures targeting both cash transactions and stablecoin activity, including a joint audit of Tether (USDT) transactions with securities regulators. The initiative is part of a broader fourth-quarter push to combat financial crime.
According to BOT Governor Vitai, the central bank is considering a requirement for individuals depositing 5 million baht ($150,000) or more in cash to provide proof of the funds' origin. The policy is aimed at curbing money laundering and other illicit financial flows.
- Cash deposits exceeding 5 million baht will require origin documentation.
- USDT transactions will be subject to a joint audit by the BOT and securities regulators.
- The measures are expected to be finalized in the coming months.
The move comes amid growing global scrutiny of stablecoins like USDT, which are often used for cross-border transfers and trading. Thailand's regulators have not disclosed specific details on how the USDT audit will be conducted or what penalties may apply for noncompliance.
Thailand has been gradually tightening its crypto regulatory framework. In 2023, the country banned the use of crypto as a means of payment and imposed stricter know-your-customer (KYC) requirements on exchanges.