The Bank of Thailand (BOT) will temporarily suspend new money changer license applications in 2027 while it raises standards for existing licensed operators to prevent them from facilitating illegal activities.
Pimpan Charoenkwan, Assistant Governor of the Financial Markets Group at the BOT, said the revised framework will introduce risk-based standards for money changers.
The move is part of the central bank’s efforts to improve financial sector supervision. It also aims to tackle structural problems in the Thai economy, including grey money and financial fraud.
Those seeking a license to begin operating in 2027 can still apply between 1 and 30 December 2026 under the existing criteria.
Applicants must submit complete documentation, as outlined in the BOT’s public handbook, to the central bank’s head office or one of its regional offices.
The BOT will resume accepting applications under the revised criteria in 2028, with two application windows each year in March and September. It plans to publish details of the new requirements in December 2026.
BOT Governor Vitai Ratanakorn had previously identified tighter oversight of money changers as one of five planned measures. The measures are expected to roll out between November 2026 and March 2027.
Other proposed measures cover stablecoins, BNPL services and gold trading.
Separately, the central bank has tightened checks on cash transactions of THB 5 million or more.
Featured image credit: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific
