Bank of Thailand drafts new rules restricting payment providers from processing USDT crypto trades

The Bank of Thailand (BoT) is rolling out strict new regulations for payment service providers to block illicit funds and large-scale Tether (USDT) cryptocurrency trading.

According to Thai-language reports from Prachachat Turakij and Matichon, the central bank is preparing to publish new rules in the Royal Gazette. These regulations will explicitly restrict payment gateways from processing transactions linked to "grey capital," online gambling, and massive USDT trades.

The framework also targets the use of "mule accounts"—bank accounts opened by proxies to hide the true owner's identity and move illicit funds through the domestic banking system.

What this means for you

While the BoT's target is transnational crime, the tightening of payment gateways will create collateral friction for expats who use alternative methods to move money into Thailand.

• Crypto conversions: If you rely on peer-to-peer (P2P) platforms or local payment gateways to convert USDT into Thai baht for living expenses, expect increased hurdles. Payment providers will likely require stricter Know Your Customer (KYC) checks or block certain crypto-linked transfers entirely to comply with the new mandate.
• Account scrutiny: Banks and payment apps will monitor for unusual transaction patterns. Frequent, large inbound transfers from unknown domestic accounts could trigger automated freezes under the new anti-mule account protocols.
• Legitimate transfers: Traditional SWIFT transfers or regulated services like Wise remain unaffected by this specific crackdown. They remain the safest route for bringing in funds required for visa applications or property purchases.

Next steps

The exact implementation date is pending publication in the Royal Gazette. Expats using alternative payment methods or crypto off-ramps should ensure their exchange accounts are fully verified with current passport details. If you regularly convert crypto to fund your lifestyle in Thailand, it is highly recommended to keep traditional banking channels open as a reliable backup.