Thailand’s Securities and Exchange Commission (SEC) has proposed a daily limit of five million baht, around $151,000, for stablecoin transfers to and from external wallets.
Under the proposed rules, stablecoins deposited into or withdrawn from licensed digital asset businesses would have to move between accounts or wallets verified as belonging to the same customer. Public comments on the proposal are open until September 25.
The five-million-baht limit would apply separately to incoming and outgoing transfers involving private wallets or foreign digital asset operators. The dollar value may change as the Thai baht exchange rate moves.
The rules are not yet active. The SEC says the plan is aimed at reducing money laundering, cybercrime and attempts to bypass controls on international money transfers.
Customers would not be allowed to send stablecoins from another person’s wallet into their own exchange account. They also could not withdraw stablecoins from a regulated Thai platform directly to someone else’s wallet.
Thai digital asset businesses would need to verify wallet ownership before processing these transactions. They would also need to check customer information and monitor wallets linked to mule accounts, watchlists or other high-risk activity. Blockchain monitoring tools would be used to track transactions and identify connections to risky wallets.
There would be several exemptions to the five-million-baht limit. Transfers between Thai-regulated digital asset operators would not be subject to the cap if both businesses follow the Travel Rule.
Businesses using accounts in their own names for legitimate commercial activity could also qualify for an exemption. Certain institutions supervised by the Bank of Thailand may receive exemptions when the central bank approves stablecoin use for a specific business arrangement.
Market makers providing liquidity for stablecoin-baht trading pairs could also be exempt when the transfers are needed for liquidity management.
The SEC is also proposing rules for off-platform digital asset trades handled by brokers and dealers. These transactions would need to have a minimum value of three million baht, or about $91,000.
Platforms offering these services would have to publish digital asset prices so customers can see the prices used for trades completed outside normal order books. Brokers would not be allowed to arrange direct off-platform trades between two customers, but they could match customers through an exchange.
The proposal also includes tighter rules for market makers and liquidity providers. Licensed exchanges would have to publish their market makers and identify the digital assets they support. They would also need to monitor the source of assets and the purpose of market-making transactions.
Liquidity providers would have to meet regulatory and anti-money-laundering requirements. Providers could not operate from jurisdictions that fail to follow Financial Action Task Force recommendations.
Brokers would also have to disclose their liquidity providers and any conflicts of interest to customers. Reviews would cover where assets came from, why transactions were made and how providers behaved.
The consultation period ends September 25. After receiving feedback, the SEC could change, delay or drop parts of the proposal before finalizing the rules.
If approved, the new stablecoin requirements would take effect 60 days after the final notification becomes effective.
