Thailand's Securities and Exchange Commission has proposed a same-owner requirement for stablecoin transfers that would restrict how customers can move tokens such as USDT through licensed crypto firms. The SEC Board approved the consultation principles on September 3, with public comments due by September 25, 2026.
Under the proposal, stablecoins entering a customer account at a digital asset operator would have to originate from an account or wallet verified as belonging to that customer. Withdrawals would similarly have to go to an account or wallet verified as the customer's own. The measure would prohibit deposits from another person's account or withdrawals to another person's wallet.
The restriction would apply only to transfers conducted through SEC-supervised digital asset operators, not to peer-to-peer transfers occurring entirely outside those platforms.
Transfer Limits and Exemptions
The proposal establishes separate inbound and outbound caps of 5 million baht per person, per operator, per day. However, transfers between customer accounts at SEC-supervised operators would qualify for a cap waiver when both firms comply with Thailand's Travel Rule.
Additional exemptions listed in the September 11 consultation include specified operator business transfers, certain Bank of Thailand-authorized operators, and stablecoin or baht market makers.
Regulatory Context
The SEC developed the measures after observing significant growth in stablecoin transaction volume and value, particularly involving USDT. The agency cited patterns it associated with risks tied to money laundering, cybercrime, and circumvention of rules governing international money transfers.
The stablecoin proposal would operate separately from Thailand's finalized Travel Rule, which requires digital asset operators to collect information about transfer parties and verify ownership or control of certain self-hosted wallets. That rule takes effect on February 27, 2027.
No effective date has been announced for the proposed stablecoin restrictions. The measure remains at the consultation stage and is not yet an operative rule.
