Thailand's Securities and Exchange Commission announced a draft regulatory proposal Thursday aimed at controlling stablecoin activity through licensed crypto platforms. The plan imposes daily transfer limits and stricter account controls to combat money laundering and cybercrime.
Transfer Limits and Account Restrictions
Under the proposed rules, customers could deposit or withdraw up to 5 million baht (approximately $147,750) per operator per day. Stablecoins would be restricted to transfers between accounts or wallets owned by the same person, effectively preventing third-party transfers through regulated platforms.
Peer-to-peer transactions conducted directly on blockchains would fall outside the rules, as they bypass registered platforms. The SEC said the value of stablecoin movements must align with a customer's income and financial position, requiring platforms to verify that user activity matches their financial profile.
Several transaction types would be exempt from daily caps, including transfers between a customer's own accounts on SEC-supervised platforms, operator business transfers, stablecoin market-maker activity, and certain transactions tied to digital token offerings and refunds.
Platform Compliance Requirements
Crypto exchanges must disclose their market makers and the assets each supports, with those firms facing enhanced screening. Brokers would be prohibited from using liquidity providers for trading pairs between stablecoins and the Thai baht.
Off-platform deals by brokers and dealers would require a minimum value of 3 million baht (approximately $88,528), with operators required to disclose trading prices for these transactions.
Platforms would need to implement the Travel Rule, conducting customer profiling and screening while using blockchain analytics tools to identify high-risk wallets and those on watchlists.
Public Comment Period
The proposal follows a September public hearing on supervising stablecoin activity through licensed operators. The SEC is accepting public comments on the draft notification through November 26.
