The Ministry of Finance and the Bank of Thailand are tightening oversight of online gold trading by applying tax treatment similar to that for ordinary goods and introducing transaction-volume limits, as authorities respond to the rapid rise in the baht.
Bank of Thailand Governor Vitai Ratanakorn said the baht has strengthened 9.4 percent against the US dollar since the start of 2025 and about 4.2 percent over the past month. The rise has been driven by a weaker US dollar and a sharp increase in gold trading, with daily transaction values climbing to roughly half of Thailand’s gross domestic product, creating heavy demand for US dollars and pushing the baht higher.
To address the situation, the Ministry of Finance has instructed the Revenue Department to consider requiring online gold trading platforms to submit transaction data in the same manner as other online goods and service operators. The department is also reviewing whether sales of gold bullion through online channels should be subject to Specific Business Tax.
At the same time, the central bank has been asked to assess measures to regulate gold trading volumes, including the introduction of transaction caps for online platforms. These measures will be issued through central bank notifications, followed by a public consultation period of about two weeks, with implementation expected in the third to fourth week of January.
The central bank is also preparing to tighten documentation checks for foreign currency inflows. Banks will be required to conduct more detailed verification of the source and purpose of funds to deter abnormal or suspicious transactions, while legitimate inflows related to normal business and investment activity will remain unaffected.
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