Thailand has launched a crackdown on so-called “gray money,” tightening oversight of both physical gold markets and digital assets as part of a broader effort to close money-laundering loopholes, according to local media reports.
The initiative, reportedly ordered by Prime Minister Anutin Charnvirakul, brings asset classes that have traditionally been regulated separately under a unified framework aimed at combating illicit finance.
Local outlet The Nation reported that authorities are targeting channels frequently used by criminal networks to move and store value outside the banking system, including gold bars, online gold trading platforms, and cryptocurrencies.
“Today, we are not only addressing modern digital threats but also ‘analogue’ financial crimes,” Charnvirakul said during a Friday 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.”
National hub for real-time monitoring
Charnvirakul said a coordinated enforcement approach is necessary to counter criminal tactics that are “constantly evolving.” As part of the effort, the government plans to establish a national data hub that would enable real-time monitoring and the creation of risk profiles for suspicious activity.
On the gold front, Thailand’s Anti-Money Laundering Office has been instructed to lower the mandatory reporting threshold for physical gold purchases. Currently, only transactions exceeding 2 million Thai baht (about $63,000) must be reported.
Authorities say criminals are deliberately splitting purchases into smaller amounts to avoid detection. Regulators are also weighing new business taxes and tighter audit requirements for online gold trading platforms.
For digital assets, the government has ordered the Thailand Securities and Exchange Commission to strictly enforce the Travel Rule, a global anti-money laundering standard.
Under the rule, licensed crypto asset service providers must collect and transmit identifying information on both the sender and recipient of certain transactions, particularly wallet-to-wallet transfers facilitated by exchanges.
So far, there are no official indications that self-custody wallets are being restricted or banned. Available information suggests the requirements apply to regulated intermediaries, including exchanges and custodial wallet providers.
That said, stricter Travel Rule enforcement could indirectly affect withdrawals to self-custody wallets. Exchanges may introduce enhanced verification, additional disclosures, or tighter controls on outbound transfers to meet reporting obligations, even if self-custody remains permitted.
Thailand’s broader crypto regulatory stance
Thailand has long taken a structured, regulator-driven approach to crypto regulation, emphasizing licensing, clear rules, and active supervision. It was among the first countries in Southeast Asia to establish a comprehensive regulatory regime placing exchanges, brokers, and dealers under SEC oversight.
In 2024, the SEC tightened controls on crypto advertising, warning exchanges against glamorizing investments and requiring firms to substantiate claims made in promotional campaigns.
On April 9, authorities also targeted foreign crypto peer-to-peer platforms, strengthening measures aimed at combating digital asset–related crime.
The latest push against “gray money” marks a shift in emphasis. By treating gold and crypto as parallel channels within the same enforcement framework, Thailand is signaling that digital assets are no longer a regulatory outlier but part of a broader, data-driven approach to financial crime prevention.
