3 weeks ago
9
Key Takeaways
- Cash deposits of 5 million baht or more will require source-of-funds verification from Q4
- The April rule on large withdrawals cut high-value cash withdrawals by 35% nationwide
- The Bank of Thailand and the SEC are jointly auditing high-volume stablecoin transactions, with USDT the focus
- Monitoring is tightening on rapid digital gold purchases followed by same-day physical withdrawals
The deposit rule completes a loop the Bank of Thailand opened in April, when it began requiring individuals withdrawing 5 million baht (around $150,000) or more to explain why they could not use electronic transfers or cheques. That earlier measure produced a measurable result: high-value cash withdrawals fell 35% nationwide. The new rule applies the same source-of-funds scrutiny to money entering the banking system, and the accompanying moves on Tether and bullion show the central bank treating cash, stablecoins, and gold as three channels of a single shadow economy.
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