Thailand has initiated a concerted effort to combat illicit financing linked to ‘gray money,’ focusing on both the traditional gold market and cryptocurrency sector. This initiative was reportedly spearheaded by Prime Minister Anutin Charnvirakul.

The goal is to close off gaps that have previously been exploited by criminal organizations engaged in money laundering. According to reports from local media, such as The Nation, this program emphasizes the integration of diverse asset categories under one regulatory system to enhance oversight.

“Today, we are not only addressing modern digital threats but also ‘analogue’ financial crimes,” stated Charnvirakul in a recent meeting at the Ministry of Finance. “We must work as a single, integrated force to protect the public interest and the integrity of our financial system.”

Establishing a National Hub for Threat Monitoring

Charnvirakul also highlighted the necessity of establishing a national data hub for real-time monitoring, which can facilitate the identification of risky behaviors. As part of the new measures, the Anti-Money Laundering Office has been directed to reduce the reporting threshold for gold transactions, currently set at 2 million Thai baht (around $63,000).

Criminals often break larger transactions into smaller ones to avoid scrutiny. In response, authorities are considering new taxes and tighter regulations on online gold trading platforms.

In the realm of digital assets, the Thailand Securities and Exchange Commission has been instructed to enforce stricter compliance with the Travel Rule, a global Anti-Money Laundering standard.

Though specifics regarding the regulation of self-custody wallets remain unclear, current obligations primarily affect regulated intermediaries like exchanges.

Despite ongoing debates, tighter enforcement of the Travel Rule could influence how exchanges manage withdrawals to personal wallets, potentially resulting in enhanced verification processes and stricter controls.

Thailand has consistently adopted a proactive regulatory framework for cryptocurrencies, including explicit licensing and supervision. With these recent measures, the country is indicating that digital currencies will be incorporated into its broader financial oversight framework.