BlockBeats News, July 13th, the Bank of Thailand announced that it has started using data analytics tools to screen for large-scale transactions in the stablecoin market, with a focus on Tether's USDT, in order to combat illegal fund flows and "grey economy" activities.

Bank of Thailand Governor Vitai Ratanakorn stated that initial screenings have identified some transactions that appear to deliberately evade disclosure requirements or bypass the traditional banking system to transfer funds. Since the regulatory authority for digital assets falls under the Securities and Exchange Commission of Thailand (SEC), the central bank will pass on relevant clues to the SEC for further investigation.

This stablecoin investigation is part of Thailand's efforts to combat the "grey economy." Since April this year, Thailand has required banks to verify the purpose of cash withdrawals exceeding 5 million Thai Baht (approximately $150,000), leading to a 35% decrease in the volume of large cash withdrawals. Starting in the fourth quarter, large cash deposits will also be required to declare the source of funds. In addition, regulators have strengthened supervision of gold trading, large cash exchanges, and networks of "smurfing" in online gambling, leading to a monthly gold withdrawal volume decreasing from around 4000 kilograms to about 700 kilograms.

In recent years, Thailand has continuously intensified its crackdown on crypto crimes. The police recently uncovered a cross-chain money laundering network, with the involved wallets transferring over $122.5 million within 10 months, and are currently investigating a $300 million multinational money laundering case and an illegal crypto mining farm.

Meanwhile, Thailand is still promoting the development of compliant crypto markets. The Thai SEC has proposed a three-year development plan that covers tokenized assets and crypto ETFs, while the Bank of Thailand has indicated that it is progressing with the research and development of a stablecoin pegged to the Thai Baht as part of its financial infrastructure upgrade.