BOT eyes abnormal USDT trading; receives SEC data on crypto fund flows

Prachachat•Economy•265d ago

Reader Briefing

The Bank of Thailand is analyzing cryptocurrency transaction data from the SEC to investigate unusual USDT trading volumes and foreign participation, which may indicate attempts to circumvent normal money transfer systems.

•The Bank of Thailand (BOT) is collaborating with the Securities and Exchange Commission (SEC) to scrutinize crypto transactions.
•Abnormally high USDT trading volumes and significant foreign investor involvement in Thailand are under scrutiny.
•Authorities suspect these activities could be a method to bypass standard international money transfer channels.

Overview

•The Bank of Thailand (BOT) is currently linking digital asset transaction data received from the SEC with its own databases.
•This data linkage is being conducted in order to analyze for any abnormal financial transactions.
•Pimphat Charoenkhwan, Assistant Governor of the BOT's Financial Markets Operations Group, stated that the SEC has provided the digital asset transaction data.
•Previously, BOT Governor Vitai Ratanakor highlighted suspicious USDT trading proportions in Thailand.
•USDT trading accounts for approximately 52% of all digital asset purchases in Thailand.
•The BOT questions why foreign buyers from Singapore or Hong Kong would trade USDT via Thai platforms instead of their own countries.
•Approximately 40% of USDT buyers in the Thai market are foreigners.
•If abnormalities are found, the BOT will forward the information to relevant agencies for further action as part of efforts to manage 'grey capital' and enhance economic transparency.

Full article content is available on the original source.

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Source: Prachachat (Original)

Key Quotes

Pimphat Charoenkhwan

"Currently, the BOT is linking the data with its existing database to analyze for any abnormal transactions."

ขณะนี้ ธปท.อยู่ระหว่างนำข้อมูลดังกล่าวมาเชื่อมโยงกับฐานข้อมูลที่ ธปท.มีอยู่ เพื่อวิเคราะห์ว่ามีธุรกรรมใดเข้าข่ายผิดปกติหรือไม่

Vitai Ratanakor

"The BOT requested USDT trading data from the SEC to analyze fund flows due to suspicious trading proportions."

ธปท.ได้ประสานขอข้อมูลการซื้อขาย USDT จาก ก.ล.ต. เพื่อนำมาวิเคราะห์เส้นทางการเงิน เนื่องจากพบสัดส่วนการซื้อขายที่น่าสงสัย

Key Entities

Organization

Bank of Thailand (BOT)(ธปท.)ℹ️

The central bank of Thailand, currently analyzing cryptocurrency fund flows.

Securities and Exchange Commission (SEC)(ก.ล.ต.)ℹ️

The Thai financial regulator that is providing cryptocurrency transaction data to the BOT.

Legal_Tender

Tether (USDT)(USDT)ℹ️

A stablecoin pegged to the US dollar, whose trading volumes and foreign participation in Thailand are under scrutiny by the BOT.

Person

Pimphat Charoenkhwan(น.ส.พิมพ์พันธ์ เจริญขวัญ)

Assistant Governor of the Financial Markets Operations Group at the Bank of Thailand, commenting on the data analysis process.

Vitai Ratanakor(นายวิทัย รัตนากร)

Governor of the Bank of Thailand, who initiated the request for USDT trading data analysis.