Thailand’s Securities and Exchange Commission (SEC) has proposed new rules for stablecoin transactions through licensed digital asset operators, including a daily transfer limit of 5 million Thai baht per customer at each regulated operator.
The draft notification, announced on 12 November, is intended to prevent cryptocurrencies and stablecoins from being used for money laundering, cybercrime and bypassing rules governing international money transfers. The proposal follows a public consultation in September and is open for further comments until 26 November.
Daily transfer limit
The 5 million baht cap would apply separately to incoming and outgoing stablecoin transfers at each operator. The value of those transactions would also need to be consistent with the customer’s declared income and financial position.
Transfers between a customer’s own accounts at two SEC-supervised operators would be exempt from the limit, provided both operators follow the Travel Rule.
Wallet verification and monitoring
The SEC also proposes strengthening wallet ownership verification. Under the draft, customers could deposit stablecoins from their own verified wallets and withdraw them to wallets registered in their names.
Operators would need to follow the Travel Rule, analyze customers, identify suspicious accounts and track transactions connected to high-risk wallets. The SEC said these requirements are meant to make it harder for criminals to move illicit funds through regulated platforms.
Rules for exchanges and brokers
- Exchanges would have to publicly disclose their market makers and the digital assets for which they provide liquidity.
- Brokers would be prohibited from using liquidity providers for stablecoin-to-Thai baht trading pairs.
- Brokers and dealers offering off-platform transactions would face a minimum transaction threshold of 3 million baht and would have to publish trading prices for transparency.
- Brokers would no longer be allowed to arrange off-platform trades directly between customers.
The proposal combines the transfer cap, wallet checks and additional operator responsibilities as part of the SEC’s effort to address crime concerns in Thailand’s stablecoin ecosystem.
