Thailand’s Securities and Exchange Commission (SEC) has instructed digital asset operators to file suspicious transaction reports to combat money laundering, following allegations that direct sales firm iCon Group laundered funds using USDT, a popular stablecoin. The Department of Special Investigation is probing the case and has begun seizing the company’s assets amid concerns that some were transferred via USDT, potentially facilitating untraceable activities. Industry executives acknowledge challenges in fully preventing money laundering through cryptocurrency trading and emphasise the need for collaboration among exchanges, banks, and regulatory agencies. The Thai Digital Asset Operators Trade Association is committed to enhancing transparency and implementing measures like warnings for significant price fluctuations. Digital asset trading in Thailand reached BHT1.67tr in 2023, up 94.2% from the previous year.