Thailand’s Securities and Exchange Commission (SEC) has proposed tighter Stablecoin Rules for transfers through licensed digital asset operators. The framework would prevent customers from depositing or withdrawing stablecoins through wallets belonging to other people. It also introduces daily transfer limits and stricter monitoring requirements for transactions linked to regulated platforms.
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Stablecoin Rules Restrict Third-Party Wallet Transfers
Under the Thailand SEC stablecoin regulations, transfers from or to the customer account of a licensed digital asset operator must come from or to an account or wallet that has been confirmed as belonging to that customer. Therefore, transfers to or from another individual’s account or wallet will be prohibited under the proposed regulations.
The SEC also proposes separate limits of 5 million baht per day, or roughly $151,000, for inbound and outbound stablecoin transfers. These limits will apply to individual customers and digital asset operators. Moreover, the transfer amount will have to be consistent with the declared income source of the customer and financial standing.
The limits will be exempted for transfers between customer accounts through two digital asset operators of Thailand that are in compliance with the Travel Rule. Also exempted will be business transfers, Bank of Thailand-regulated digital asset operators who have the authority to use stablecoins, and qualifying market makers of stablecoin to baht.
The point here is that the regulations do not provide for a ceiling for every single stablecoin transfer in Thailand but different regulations for each type of transfer based on the transaction parties and regulatory compliance.
Off-Platform Transactions Face New Requirements
The proposal also targets transactions conducted outside digital asset platforms. Digital asset brokers and dealers offering such services would need to impose a minimum transaction value of 3 million baht. Digital asset trading prices will also have to be provided on websites or digital asset trading platforms.
Digital asset brokers will not be allowed to carry out off-exchange transactions by direct matching between their clients. However, digital asset brokers can function as intermediaries in matching of transactions via digital asset exchanges. The approach is designed to limit the use of off-platform channels for illicit transactions while retaining them for large-value transactions.
Another regulation that the SEC aims to strengthen regards market makers and liquidity providers. Digital asset exchanges will have to report their market makers and the assets they make the liquidity for. Operators will have to monitor their operations in order to find out the source and purposes of these digital assets.
Thailand Expands Stablecoin Oversight
This new proposal is part of Thailand’s larger attempt at bolstering digital asset oversight. On September 3, the SEC Board adopted principles of improved stablecoin supervision as a result of increased transaction volumes and values, especially with respect to USDT. It was noted that particular transaction patterns might create risks regarding money laundering and foreign transfers.
In addition, the SEC has collaborated with the Bank of Thailand, Anti-Money Laundering Office, and digital asset companies. In August, the SEC and the Bank of Thailand met with industry stakeholders to discuss stablecoin regulation and anti-money laundering/cybercrime measures and methods of avoiding foreign transfer rules.
A separate Travel Rule for digital assets has been announced by Thailand in early September. According to this new regulation, digital asset firms need to have enough transfer data for risk assessment as well as improved controls against money laundering and technology crimes. The new stablecoin proposal will add a requirement to this regulation for the case of same-owner stablecoin transfers.
This combination of regulations might lead to additional compliance requirements for exchanges, brokers, market makers, liquidity providers, and even customers using external wallets.
Stablecoin Rules Expand Off-Exchange Transaction Controls
The public consultation period by the SEC commenced on September 11 and will run through September 25, 2026. Thus, the proposed stablecoin rules may be revised after taking into account comments received from the industry stakeholders and other interested parties.
For users, the key takeaway is that Thailand is moving toward stronger identity-based controls for stablecoin transfers. Customers using regulated platforms may need to ensure external wallets are verified as their own. Large transfers could also require closer alignment with documented income and financial circumstances.
With respect to the market as a whole, it appears that the SEC’s efforts are being directed at regulating the infrastructure of the stablecoin transactions rather than the stablecoin itself. Specifically, the SEC will focus on traceability of the transactions, counterparties involved, the sources of liquidity and off-exchange operations while retaining some exceptions related to supervised institutional flows.
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