Thailand targets USDT with 5M baht checks

• Thailand plans checks on cash deposits above 5 million baht and audits large Tether (CRYPTO:USDT) trades.
• Large cash withdrawals above 5 million baht have fallen 35% since tighter checks began in April.
• The Bank of Thailand said the measures target money laundering and the grey economy.

Thailand's central bank will require proof of the source of funds for cash deposits above 5 million baht (US$150,000) and audit large Tether (CRYPTO:USDT) transactions.

The new proposal follows stricter checks on cash withdrawals above 5 million baht, which the Bank of Thailand said cut large withdrawals by 35%.

“The measures we are implementing are not short-term fixes; they require the continuous deployment of multiple parallel strategies,” said Bank of Thailand Governor Vitai Ratanakorn.

The Bank of Thailand is reviewing the law before introducing the deposit rule and is also considering checks on large banknote exchanges and gold trading.

The central bank said the new rules will roll out in the fourth quarter, while no listed company share price was affected by the announcement.

Governor Vitai said about 40% of USDT sellers on local trading platforms were foreigners, based on central bank data released in January.

The Bank of Thailand and the Securities and Exchange Commission are reviewing large USDT trades that may involve hidden funds or transactions outside normal banking channels.