Thai Regulators Target USDT Transfers in Shadow Economy Crackdown

BOT Governor Vitai Ratanakorn confirmed that the ongoing audit focuses on identifying transfers structured specifically to evade disclosure requirements. Preliminary findings suggest these transactions often skirt conventional payment systems, fueling concerns over money laundering, online gambling, and broader shadow economy operations. The central bank is currently coordinating with the SEC to evaluate these patterns and determine the scope of future regulatory enforcement.

This probe aligns with a wider government campaign to tighten oversight across high-risk financial sectors, including large-scale cash movements and gold trading. The move follows recent police operations against crypto-laundering networks, where investigators tracked more than $122.5 million moving through a single suspect’s digital wallet over a ten-month period. As the government refines its digital asset framework, regulators are balancing these enforcement actions with efforts to modernize the market, such as recent consultations on allowing licensed firms to offer crypto derivatives under a unified supervisory structure.