Thailand’s securities regulator has proposed separate daily caps of 5 million baht on stablecoin deposits and withdrawals per customer at each regulated crypto operator, alongside checks requiring transfers to involve customers’ own verified wallets.
Summary
- 5 million baht daily limits would apply separately to incoming and outgoing stablecoin transfers.
- Customers’ transfers between regulated operators would qualify for an exemption if both follow the Travel Rule.
- Exchanges would disclose market makers, while brokers would face restrictions on stablecoin-baht liquidity providers.
- Public comments on the draft rules are open until Nov. 26, 2026.
Thailand’s Securities and Exchange Commission said in its Nov. 12 announcement that the draft seeks to prevent money laundering, cybercrime and the use of digital assets to bypass international money transfer rules. It follows a September consultation, with feedback incorporated into the proposed notification.
The regulator has set the cap per customer at each operator, with inbound and outbound transfers counted separately. Transfer values would still need to match the customer’s income and financial position.
Thailand’s stablecoin cap includes exemptions
Customers moving stablecoins between their own accounts at SEC-supervised operators would be exempt from the daily limit, provided both firms comply with the Travel Rule.
Separate exemptions cover digital asset operators transferring stablecoins for business purposes through accounts in their own names, and businesses supervised by the Bank of Thailand that have specific approval to use stablecoins.
Market makers handling stablecoin-baht trading pairs would qualify for exemptions, including transfers through regulated operators needed to provide liquidity.
The draft includes qualifying subscriptions and refunds for SEC-approved digital token offerings involving investors, issuers and token portals. If a subscription fails, the portal must have a mechanism to return payments to customers’ accounts at regulated operators. Repayments of invested capital and returns from holding digital tokens are included in the exemption.
Transfers would require verified wallet ownership
For stablecoin deposits, operators would have to verify that the sending account or wallet belongs to the customer receiving the funds. Withdrawals would have to reach an account or wallet verified as belonging to that same customer.
Sending funds to another person’s wallet, or receiving them from one through an operator, would be prohibited under the draft.
Customer profiling and screening would accompany the ownership checks. Operators would use blockchain analytics to trace asset movements and detect connections with high-risk or watchlisted wallets, while screening for mule accounts and people linked to potentially illegal transactions.
As crypto.news previously reported, the regulator’s September Travel Rule proposal addressed collecting, verifying, and retaining information connected with crypto transfers.
Scrutiny of stablecoin flows predates the latest draft. In July, the Bank of Thailand and SEC began examining high-value stablecoin transactions, with local reporting citing concerns about unusual USDT activity and transfers potentially bypassing financial reporting requirements.
Exchanges and brokers face liquidity checks
Exchanges would have to publish market makers’ names and identify the assets for which they provide liquidity. Their responsibilities would include screening, monitoring, and reviewing market makers to establish where their digital assets come from and the purposes behind their transactions.
Brokers would be prohibited from using liquidity providers for stablecoin-baht pairs. For other services, providers would need anti-money laundering controls, regulatory oversight, and acceptable arrangements for safeguarding assets.
Providers could not be based in jurisdictions lacking measures or implementation of Financial Action Task Force recommendations. Brokers would disclose providers’ names and conflicts of interest, and monitor their funding sources and transaction activity.
Similar screening and ongoing monitoring would apply to the source exchanges brokers use, which must be supervised by a competent regulatory authority.
Off-platform trades would start at 3 million baht
For brokers and dealers offering off-platform services, the proposed minimum transaction size is 3 million baht. Firms would publish trading prices on their websites or platforms so customers can check them.
Brokers could not arrange off-platform trades directly between customers. They could, however, arrange for customer orders to be matched on exchanges in Thailand or overseas.
Thailand is separately participating in cross-border settlement work through Singapore’s BLOOM initiative. The Bank of Thailand joined alongside Malaysia’s central bank in October, with U.S. companies Circle and Coinbase among existing participants. The initiative covers regulated stablecoins and tokenized deposits.
The SEC’s draft would let it order operators to correct failures in collecting or disclosing required information within a specified period. Interested parties can submit comments through the SEC website, Thailand’s Legal Hub, or the designated consultation email addresses until Nov. 26.
