Thailand Tightens the Net on ‘Gray Money’ With Unified Rules for Gold and Crypto
Thailand is rolling out a sweeping crackdown on so‑called “gray money,” bringing physical gold trading and digital assets like cryptocurrencies under a single, coordinated anti–money laundering (AML) framework. The initiative marks a decisive step toward real-time monitoring of financial flows across both traditional and digital markets.
Ordered by Prime Minister Anutin Charnvirakul, the campaign aims to close long‑standing loopholes that have allowed criminal groups to hide and move funds outside the conventional banking system. Authorities are targeting three key channels: physical gold bars, online gold trading platforms and crypto transactions.
In a briefing at the Ministry of Finance, Charnvirakul emphasized that the threat landscape now spans both digital and offline arenas. He said officials must “act as one integrated force” to defend the public interest and protect the integrity of the country’s financial infrastructure. According to him, criminal techniques evolve too quickly for isolated agencies to keep up, making cross‑sector coordination essential.
National Data Hub for Real-Time Risk Monitoring
At the heart of the new plan is the creation of a national data hub designed to consolidate information from multiple regulators and financial intermediaries. This centralized platform is expected to enable real-time monitoring of suspicious transactions and help generate detailed risk profiles of individuals, companies and transaction patterns.
Instead of relying solely on delayed or fragmented reporting, agencies will be able to compare data across gold traders, banks, crypto platforms and other financial institutions. The goal is to identify unusual flows early, such as repetitive high‑value purchases just below reporting thresholds or sudden spikes in cross‑border crypto transfers.
Authorities believe that such a data‑driven model will improve their ability to dismantle complex money‑laundering schemes, where funds are often layered across many transactions and asset types to obscure their origin.
Lower Reporting Thresholds for Physical Gold
On the traditional finance side, Thailand’s Anti‑Money Laundering Office (AMLO) has been instructed to tighten oversight of the physical gold market. Currently, gold transactions must be reported only when they exceed 2 million Thai baht (roughly 63,000 U.S. dollars).
Officials say this high threshold has been routinely exploited. Criminals can simply break up large purchases into multiple smaller ones, staying just under the reporting limit and avoiding detection. In response, AMLO is considering significantly lowering the mandatory reporting threshold and introducing more granular reporting requirements.
Regulators are also weighing stricter tax rules and more robust auditing obligations for online gold trading platforms. These platforms, which often function with lighter oversight than banks, have become attractive channels for moving value discreetly, particularly when combined with cross‑border settlements or anonymous accounts.
Crypto Under Stricter Travel Rule Enforcement
Digital assets are a central focus of the gray‑money campaign. The government has directed the Thailand Securities and Exchange Commission (SEC) to enforce the so‑called Travel Rule more aggressively across all licensed crypto asset service providers.
Under this globally recognized AML standard, exchanges and custodial wallet providers must collect and transmit key identifying information about both the sender and the recipient for qualifying transactions. This is especially relevant to wallet‑to‑wallet transfers that involve regulated intermediaries, such as exchanges facilitating transfers to external addresses.
So far, there is no official indication that Thailand plans to ban or directly restrict self‑custody wallets. The obligations currently apply to regulated entities like exchanges, brokers and custodial services. However, more rigorous Travel Rule enforcement is expected to have indirect consequences for users who move funds to self‑custody.
Exchanges may tighten withdrawal procedures, demand more extensive identity verification or require additional disclosure about destination wallets and transaction purposes. In practice, this could mean longer processing times and more documentation for users moving large sums or interacting with higher‑risk jurisdictions.
Implications for Crypto Investors and Businesses
For everyday crypto traders using licensed platforms, the core user experience may not change overnight. Basic identity checks are already standard. However, those who conduct frequent or high‑value transfers, particularly to external wallets, should anticipate closer scrutiny.
Crypto businesses operating in Thailand — exchanges, brokers, custodians and potentially some fintech firms — will face a heavier compliance burden. They will need to upgrade their transaction monitoring systems, implement more robust Know Your Customer (KYC) and Know Your Business (KYB) processes, and maintain detailed logs that can be shared with regulators upon request.
Firms that fail to meet these heightened expectations may risk fines, license suspensions or forced shutdowns. At the same time, companies that adapt quickly could benefit from an environment that emphasizes regulatory clarity and consumer trust, making Thailand a more attractive base for compliant digital asset operations.
Thailand’s History of Structured Crypto Oversight
Thailand is not new to crypto regulation. The country has long pursued a licensing‑based model in which exchanges, brokers and dealers operate under direct SEC supervision. It was among the first Southeast Asian jurisdictions to implement a comprehensive legal framework for digital assets, requiring clear registration, capital standards and ongoing reporting.
In 2024, the Thai SEC moved to tighten rules around crypto advertising, instructing platforms to avoid overly optimistic or misleading promotional content. Firms were told they must be able to substantiate any claims made in marketing materials, especially those related to returns, safety or regulatory status.
The authorities also homed in on foreign peer‑to‑peer (P2P) platforms that facilitate crypto trading without a local license. Officials expressed concern that these services could be used to conduct unmonitored cross‑border transfers and to sidestep domestic AML rules.
This track record underscores Thailand’s preference for a tightly supervised digital asset market, rather than a lightly regulated or laissez‑faire environment.
Gold and Crypto Placed on Equal Footing
The new crackdown on gray money represents a shift in how policymakers frame digital assets. Instead of treating crypto as an exotic or isolated risk, Thailand is explicitly placing it alongside gold as a parallel channel for storing and moving value.
By placing both asset classes under a single, data‑centric enforcement structure, regulators are signaling that they see similar vulnerabilities in these markets: high liquidity, global reach and the potential for pseudonymous or opaque transfers.
This reframing matters. It suggests that future financial crime strategies will look at patterns that span asset types — for example, proceeds from illegal activities being shuffled between crypto and gold to confuse investigators. The unified approach aims to cut off these cross‑asset laundering strategies before they become entrenched.
Potential Benefits and Trade‑Offs
From a policy perspective, the tighter regime promises several benefits: stronger defenses against organized crime, better tools for tracking cross‑border flows and a more consistent standard across financial sectors. For international partners and global watchdogs, Thailand’s approach could demonstrate alignment with evolving AML norms.
However, there are trade‑offs. Crypto advocates warn that overly rigid rules might stifle innovation or push activity into less regulated markets. Smaller startups may find it costly to meet complex reporting obligations and implement advanced analytics tools. Meanwhile, users worried about privacy may migrate to platforms or jurisdictions that offer fewer compliance checks.
The success of Thailand’s strategy will likely depend on how well regulators balance enforcement with openness to responsible innovation, and whether they provide clear, predictable guidance rather than ad‑hoc crackdowns.
What Businesses Should Do Now
Gold dealers, online gold platforms and crypto service providers operating in Thailand should prepare for a more demanding regulatory climate:
– Review and, if necessary, overhaul internal AML and compliance policies.
– Invest in systems capable of real‑time transaction analysis and Travel Rule data sharing.
– Train staff to recognize red flags in both fiat, gold and crypto transactions.
– Develop clear protocols for dealing with suspicious activity and responding to regulator inquiries.
Proactive engagement with regulators and transparent communication with customers about new requirements could help businesses maintain trust during the transition.
How This Affects Thailand’s Position in the Region
Regionally, Thailand’s move may intensify regulatory competition. Other Southeast Asian jurisdictions are also refining their approaches to fintech and crypto, but few have explicitly integrated gold and digital assets into a unified anti‑laundering architecture backed by a national data hub.
If implemented effectively, Thailand could position itself as a regional leader in AML innovation, attracting institutions that prefer operating in jurisdictions with high standards and clear rules. Conversely, if the system becomes overly restrictive or bureaucratic, entrepreneurs and capital might flow to neighboring markets with more flexible regimes.
Looking Ahead: A Data-Driven Financial Future
The gray‑money campaign illustrates the direction financial regulation is headed: toward integrated datasets, real‑time surveillance tools and cross‑asset risk analysis. For Thailand, merging oversight of gold and crypto is more than a short‑term crackdown; it is a test case for a broader transition to data‑centric financial governance.
As implementation progresses, the key questions will be how much transparency regulators demand, how effectively they protect personal data and where they draw the line between legitimate privacy and illicit secrecy. The answers will shape not only Thailand’s gold and crypto markets, but also the country’s broader reputation as a modern financial hub.