Thailand SEC Proposes Stablecoin Rules With 5M Baht Daily Caps for Crypto Transfers

Key Takeaways:

• Thailand suggests that daily deposits and withdrawals for stablecoins should be capped at 5 million baht.
• Only verified wallets with the same customer would be able to be transferred.
• The market makers, liquidity providers, and off platform deals of crypto operators would be subject to tighter governance.

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The tighter restrictions on stablecoins in the regulated market of Thailand. The Securities and Exchange Commission (SEC) opened a public consultation on November 12, proposing new requirements designed to reduce money laundering, cybercrime, and the use of digital assets to bypass international money transfer regulations.

According to the draft notification, transfers of stablecoins in and out of a customer’s account at any regulated digital asset operator would each be capped at 5 million baht per day. The SEC also wants assets transferred to be equivalent to customers’ reported income and financial status.

Stablecoins would not be able to be deposited to or withdrawn from other customers’ accounts or wallets. It must be certain that the sending and receiving accounts are used by the same customer.

There would also be transfer requirements to comply with the Travel Rule and customer screening. Operators would need to monitor for suspicious activity on mule wallet and wallet numbers and follow wallet transactions and connections to high-risk or watch listed addresses using blockchain analytical tools.

Transfers between accounts belonging to the same customer at SEC supervised operators would not count as a daily limitation where both operators abide by the Travel Rule. Other exemptions include digital asset operators, authorized entities under the Bank of Thailand, key market makers for stablecoins, and subscriptions and repayment of digital tokens.

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The proposal also aims at the middlemen engaged in crypto trading. Digital asset exchanges would be required to make the names of market makers and list the assets for which liquidity is offered. They would also receive more intensive screening and continuous monitoring to determine sources of funds and uses of funds.

Digital asset brokers would have to list the liquidity providers of the digital assets and potential conflicts of interest. The draft will be for banning liquidity providers for trading stablecoin/Thai baht pairs. The providers are subject to proper regulation and must implement anti-money laundering and counter-terrorist financing procedures.

Competent regulatory authorities should also be in charge and have better monitoring of the source exchanges, which use brokers.

Off-platform transactions would require that the value of the transaction would be at least three million baht, and trading prices to be disclosed on the websites or platforms of brokers and digital asset trading dealers. Brokers also could not make direct customer-to-customer trades, but they would be allowed to direct orders to exchange platforms in Thailand and abroad.

The SEC said the draft follows a September 2026 consultation and incorporates feedback from market participants. The consultation remains open until November 26, 2026. 

Read More: 37 European Banks Back Qivalis Euro Stablecoin in €450M Market Expansion

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