Thailand Combats Grey Money with Unified Supervision of Gold and Cryptocurrencies

Thailand Intends to Combat Grey Money

Thailand has launched a campaign against so-called "grey money," enhancing oversight of physical gold markets and digital assets, according to local reports. This initiative, ordered by Prime Minister Anutin Charnvirakul, consolidates previously separate asset classes under a single framework to combat illicit financing.

A report from the local publication The Nation indicates that the initiative targets areas exploited by criminal networks to transfer and store value outside the banking system, including gold bars, online gold platforms, and cryptocurrencies. Charnvirakul stated in a meeting at the Ministry of Finance that: "Today, we address not only modern digital threats but also 'analog' financial crimes. We must work as an integrated force to protect public interests and the integrity of our financial system."

The government plans to establish a national hub for real-time monitoring of threats. Currently, only transactions exceeding 2 million Thai baht (approximately 63,000 USD) are subject to reporting obligations. However, authorities have noted that criminals are dispersing their purchases to avoid detection.

For digital assets, the government has instructed the Securities and Exchange Commission of Thailand to strictly enforce the Travel Rule, which requires licensed cryptocurrency service providers to collect and transmit identifiable information about senders and receivers for certain transactions, particularly transfers between wallets facilitated by exchanges. Although the regulations do not officially limit self-custody wallets, stricter enforcement of the Travel Rule could indirectly affect withdrawals to these wallets.

Through this approach, Thailand signals that digital assets are no longer treated as an exception in regulation but are integrated into a data-driven enforcement model, thus targeting more effective control over illicit finances.