Thailand to crack down on large-scale stablecoin trades

Thailand is set to require individuals depositing over 5 million baht ($150,000) in cash to verify the source of their funds and will also crack down on large-scale stablecoin transactions, local media outlet The Nation Thailand reported. The move against stablecoins is driven by concerns that they are being used to bypass domestic remittance channels and for money laundering. Thai authorities are currently inspecting major stablecoins.