Thailand’s Securities and Exchange Commission (SEC) has proposed capping daily stablecoin deposits and withdrawals at 5 million baht ($148,000) each per customer at regulated crypto operators.
The limit would apply separately to deposits and withdrawals at each operator, the SEC said in a Thursday announcement. The regulator said the proposal aims to curb money laundering, cybercrime and attempts to bypass cross-border money transfer rules.
Wallet ownership and transfer checks
The draft would bar stablecoin transfers to and from third-party wallets. Operators would have to verify that customers own the accounts or wallets they use for deposits and withdrawals.
Under the proposal, operators would also have to comply with the Travel Rule, which requires crypto service providers to collect and share information about transfers, and use blockchain analytics to identify wallets linked to suspicious activity.
Market-maker and liquidity rules
The draft would require crypto exchanges to name their market makers and identify the assets for which they provide liquidity. Crypto brokers would be barred from using liquidity providers for stablecoin-baht pairs. Certain off-platform trades would be subject to a 3 million baht minimum.
The proposal follows a September consultation in which the SEC proposed stablecoin transfer limits and tighter oversight of crypto operators.
