Thailand is launching a new offensive against so-called “gray money” — capital originating from illegal or semi-legal activities that operates outside the traditional banking system. The government has decided to close regulatory gaps by placing the market for physical gold and digital assets, including cryptocurrencies, under a single supervisory framework for the first time.

According to local media, the initiative is led directly by Prime Minister Anutin Charnvirakul. The goal is to curb money laundering and track suspicious financial flows across both the “analog” and digital worlds.

“Today, we are not dealing only with modern digital threats, but also with traditional financial crime. We must operate as one integrated force to protect the public interest and the integrity of the financial system,” the prime minister said during a meeting at the Ministry of Finance.

One system for gold and crypto

According to the daily The Nation, the measures focus on sectors that criminal networks have long used to move and store value outside the banking system — primarily gold bars, online gold trading platforms, and cryptocurrencies.

A key element of the new strategy is the creation of a national data center that will enable real-time threat monitoring, the development of risk profiles for suspicious transactions, and the integration of data across both traditional and digital assets. The government says the move responds to constantly evolving methods of financial crime that increasingly combine physical commodities with modern technologies.

Gold under stricter oversight

In the physical gold market, Thailand’s Anti-Money Laundering Office has been tasked with lowering the threshold for mandatory transaction reporting. Currently, reporting is required only for transactions exceeding 2 million Thai baht, or roughly $63,000.

Authorities say offenders deliberately split purchases into smaller amounts to avoid detection. Regulators are therefore considering lowering the reporting limit, introducing stricter audits for online gold trading platforms, and imposing new taxes on the sector. The aim is to prevent gold from becoming an anonymous store of value beyond the reach of the state.

Cryptocurrencies and stricter Travel Rule enforcement

In the digital sphere, the government has instructed Thailand’s Securities and Exchange Commission to strictly enforce the so-called Travel Rule — a global anti-money laundering standard. The rule requires licensed crypto service providers to collect identifying information about both the sender and the recipient of transactions and to transmit this data along with the transfer, particularly for movements between wallets facilitated by exchanges.

Available information does not suggest that Thailand plans to ban self-custody wallets. The obligations apply to regulated intermediaries — exchanges and custodial wallet providers. Still, stricter enforcement could have indirect effects on everyday users. Exchanges may introduce more thorough verification, require additional information for withdrawals, or tighten rules for outgoing transactions to self-custody wallets in order to meet reporting requirements.

Cryptocurrencies as a standard part of the system

Thailand is among the countries in Southeast Asia with the most structured approach to cryptocurrencies. Years ago, it introduced a comprehensive regulatory framework that placed exchanges, brokers, and dealers under the supervision of the state regulator.

In 2024, authorities cracked down on cryptocurrency advertising and warned exchanges against the “glamorization” of investing. Companies must now substantiate the accuracy of their marketing claims. On April 9 this year, the country also targeted foreign P2P platforms and tightened measures against digital crime.

The current crackdown on “gray money,” however, marks a deeper shift. Cryptocurrencies are being placed on the same level as gold. They are no longer treated as an exotic technology at the edge of regulation, but as a standard financial channel subject to the same data-driven oversight and control regime as traditional assets.

For everyday users, the message is clear: in Thailand, cryptocurrencies have definitively entered the financial mainstream — with all the benefits and obligations that come with it.

Sources:

https://www.nationthailand.com/news/policy/40060994

https://www.pattayamail.com/thailandnews/thai-pm-orders-tighter-oversight-of-gold-and-digital-asset-transactions-to-close-financial-loopholes-532051?utm_source=chatgpt.com

https://www.bakermckenzie.com/en/insight/publications/guides/guide-to-cryptocurrency-in-thailand