BOT targets USDT laundering risks in 500–600bn baht half-year inflows
Thailand’s central bank governor proposes a 0.01% gold trading tax to improve transaction reporting as part of efforts to curb money laundering
- Bank of Thailand governor Vitai Ratanakorn cited 500–600 billion baht in Tether (USDT) sent from overseas and converted into baht in Thailand every six months.
- Vitai said tighter cash controls had helped reduce monthly withdrawals from about 100 billion baht to 40 billion baht.
- Vitai said closer scrutiny of gold trading had reduced suspicious transactions from 20 billion baht a month to about 3 billion baht.
- Vitai had proposed a gold trading tax, such as 0.01%, to improve transaction reporting.
Bank of Thailand (BOT) governor Vitai Ratanakorn has called for action against money-laundering loopholes involving Tether (USDT), citing 500–600 billion baht in overseas token transfers converted into baht in Thailand every six months.
Vitai delivered the “Capital Purpose” keynote at an event marking financial news outlet Mitihoon’s entry into its ninth year. Vitai said digital assets must not become a channel for moving capital for improper purposes.
Cash controls cut withdrawals to 40 billion baht a month, Vitai says
Vitai said the Bank of Thailand’s work with 11 financial industry associations had helped reduce monthly cash withdrawals from about 100 billion baht to 40 billion baht within a few months.
The Bank of Thailand’s explanation published on July 21, 2026 describes cash withdrawals of 5 million baht or more as subject to enhanced customer checks. Customers must explain the purpose of the withdrawal and why an electronic transfer cannot be used.
Vitai proposes 0.01% gold trading tax to improve reporting
Vitai urged the government to consider a small tax on gold transactions, suggesting a rate such as 0.01%. Vitai said the resulting reporting obligations would help close money-laundering loopholes involving gold shops.
Gold shops accounted for 66% of Thailand’s 50 largest cash withdrawers, Vitai said. Some withdrew cash to buy gold from customers without reporting a corresponding level of cash sales, according to Vitai.
Vitai said closer scrutiny of app-based gold trading included reporting large withdrawals of physical gold to the Anti-Money Laundering Office. The Bank of Thailand’s published guidance on gold transaction reporting specifies reporting by large gold shops for physical gold withdrawals of 2kg or more per day.
Vitai said the gold checks had helped reduce the value of suspicious transactions from 20 billion baht a month to about 3 billion baht a month.
Vitai urges capital to fund productive businesses
Vitai said the objective was to direct finance towards efficient small and medium-sized enterprises and businesses moving towards sustainability, while preventing misuse. Vitai argued that the financial system should do more than keep money circulating: capital must support activities that benefit the economy and generate growth.
Thailand ranks 116th out of 182 countries in Transparency International’s Corruption Perceptions Index. Vitai argued that corruption diverts government funds into idle holdings instead of generating gross domestic product, making the prevention of financial leakage an important part of strengthening the economy.
Vitai said closing illicit financial channels involving gold and digital assets such as USDT would help capital reach the parts of the economy that should receive it. Vitai urged all parties to raise standards and act, rather than stop at analysis, to build Thailand’s resilience and prosperity.
