Thailand has launched a significant regulatory initiative aimed at curbing the flow of illicit funds, commonly referred to as ‘grey money.’ This effort focuses primarily on tightening oversight over two high-risk, high-liquidity assets: physical gold and digital cryptocurrencies. Authorities recognize that as controls on traditional banking and real estate transactions become more stringent, criminal elements are shifting toward sectors that historically offered fragmented or decentralized regulatory environments.
Both the domestic gold trading market, which often involves high-volume over-the-counter (OTC) transactions, and the rapidly growing digital asset space have been identified as highly vulnerable to money laundering (ML), tax evasion, and the movement of corruption proceeds. While crypto risks stem from speed and pseudo-anonymity, gold risks involve difficulties in source verification and bulk transfer ease.
To combat this, Thai regulators—including the Anti-Money Laundering Office (AMLO), the Securities and Exchange Commission (SEC), and relevant trade agencies—are establishing a standardized, unified framework. This convergence mandates stricter Know-Your-Customer (KYC) protocols and detailed transaction reporting requirements for both physical gold dealers and licensed Digital Asset Service Providers (DASPs). The goal is to close existing regulatory arbitrage opportunities that allowed criminals to jump between asset classes to evade detection.
The policy shift is intended to improve transparency and traceability, bringing Thailand into closer alignment with international anti-money laundering standards set by the Financial Action Task Force (FATF). By treating high-value transactions in both gold and crypto under a common compliance umbrella, Bangkok aims to enhance the overall integrity and security of its financial system.
Source: Thailand targets ‘grey money’ with unified oversight of gold and crypto
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