Bank of Thailand monitors USDT ‘grey money’ trades: report
The Bank of Thailand said it is monitoring USDT trades after finding 40% of sellers on Thai platforms are foreigners, The Nation reported.
The domestic crypto market’s 2.8 billion baht daily volume remains small versus the FX market’s 10 to 15 billion baht, but is being reviewed for potential grey money flows, according to the report.
under its monitoring framework as part of a broader campaign against so-called grey money, after identifying a large share of stablecoin activity on local platforms as foreign-linked, according to a Tuesday report by local outlet The Nation.
Governor Vitai Ratanakorn said that roughly 40% of USDT sellers operating on Thai platforms are foreigners who “should not be trading” in the country, placing stablecoins alongside cash movements, gold trading, and e-wallet flows under closer review, the outlet reported.
The scrutiny comes despite the relatively small size of the domestic crypto market. Per the report, daily trading volumes average about 2.8 billion baht, compared with 10 billion to 15 billion baht in Thailand’s foreign exchange market. Bank of Thailand officials said the gap has not excluded crypto transactions from review, citing their potential use as channels for grey money.
“We will no longer limit ourselves to just analysis,” Vitai said in the report. “We will extend our hand to lead in solving structural problems. If these issues are not addressed, they will eventually impact macroeconomic stability in the long term.”
The central bank’s move follows a Jan. 9 directive from Prime Minister Anutin Charnvirakul ordering tighter controls across gold trading and digital assets, including stricter reporting requirements and enforcement of wallet identification rules. The measures are part of a coordinated effort involving the central bank, the Revenue Department,
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