Thailand's Securities and Exchange Commission (SEC) is proposing tighter regulations on stablecoin transfers conducted through licensed digital asset platforms. The proposal aims to address concerns over money laundering, illegal transfers, and circumvention of international money transfer rules.
Under the proposed rules, users would be restricted to transferring stablecoins such as USDT and USDC only between wallets verified as belonging to the same person. This would prevent users from sending stablecoins through regulated platforms to wallets owned by others, including friends, family members, or merchants.
The SEC plans to implement a daily transfer limit of 5 million Thai baht, approximately $150,000, per person, per platform, in each direction. The actual limit could vary depending on a user's verified income and financial status.
Exemptions
Registered market makers, Bank of Thailand-approved operators, and certain platform-to-platform transfers may be exempt from the daily cap if they comply with Travel Rule standards. Off-platform trades would require transactions of at least 3 million baht, publicly displayed pricing, and brokers would be prohibited from directly arranging trades between their clients outside the platform.
Compliance Requirements
The SEC also intends to require platforms to conduct wallet verification, identify potential mule accounts, and use blockchain-tracking tools to detect connections to risky or watchlisted wallets.
Background and Timeline
The regulatory proposal follows a warning from the Bank of Thailand regarding unusual transaction patterns involving USDT that could be linked to illegal activity or attempts to evade international transfer rules. SEC Secretary General Pornanong Budsaratragoon stated that the SEC is committed to supervising the digital asset market in alignment with emerging developments and risks.
The proposal remains under public consultation, with comments accepted until September 25, 2026. The restrictions have not yet been implemented, and users may continue operating under existing rules. Thailand's Travel Rule for digital assets is separately scheduled to take effect on February 27, 2027, requiring operators to collect and retain transaction information for at least five years.
Thailand is not banning stablecoins but rather proposing enhanced controls on their movement through regulated platforms, particularly for transfers involving third-party wallets.
