Thailand's Securities and Exchange Commission opened a public consultation on new stablecoin rules following Board approval on September 3. The proposal would require all deposits and withdrawals through licensed digital asset operators to originate from and be directed to accounts or wallets verified in the customer's name.
Under the draft rules, customers could not receive stablecoins from another person's external wallet through a licensed platform, nor could they withdraw to a family member's, trading counterparty's, or unrelated business wallet. The restrictions apply only at the operator's transfer boundary and would not regulate wallet-to-wallet transfers conducted outside regulated platforms.
Transfer Limits and Verification Requirements
The proposal sets separate daily caps of five million baht—approximately $151,000—for incoming and outgoing stablecoin transfers per user and operator. Transfer volumes would be linked to verified income and financial standing within the proposed ceiling.
Licensed operators would need to establish verified connections between customers and their wallets or payment accounts before processing transfers. The rules do not specify a single verification method, potentially requiring firms to develop procedures for wallet ownership confirmation, customer records, and transaction monitoring.
Exceptions and Travel Rule Coordination
Transfers between Thai-regulated digital asset operators may bypass the daily cap if both parties comply with the Travel Rule, which requires specified originator and beneficiary information to accompany qualifying transfers. Thailand plans to implement its Travel Rule requirements on February 27, 2027.
The proposal outlines exceptions for certain business transfers involving operators and Bank of Thailand-authorized entities, preserving defined institutional routes while restricting ordinary third-party wallet movements.
The SEC described the approach as a response to money-laundering, cybercrime, and cross-border transfer risks. The public consultation closes September 25, 2026, and the regulator has not yet set an effective date for the rules.
