Thailand's Securities and Exchange Commission has proposed strict stablecoin regulations that would prohibit third-party transfers at licensed crypto firms, requiring all deposits and withdrawals to use wallets verified in the customer's name. The draft rules also introduce a daily transaction cap of 5 million baht (approximately $151,000) per person, per operator. Developed to combat money laundering and cybercrime, the measures follow concerns from the Bank of Thailand regarding abnormal USDT volumes used to bypass banking disclosures.
Thailand stablecoin transfer restrictions
- ▪The proposed stablecoin transfer restrictions would apply only to transactions conducted through supervised digital asset operators, leaving peer-to-peer transfers outside those platforms unaffected
- ▪Thailand's Securities and Exchange Commission proposed a same-owner requirement for stablecoin transfers that would block licensed crypto firms from accepting deposits or withdrawals from third-party accounts
Money laundering prevention measures
- ▪In July 2026, the Bank of Thailand flagged abnormal trading volumes involving Tether's USDT, citing concerns that stablecoins were being used to bypass normal banking disclosure requirements
- ▪Thailand's Securities and Exchange Commission developed the stablecoin proposal in response to rising transaction volumes, money laundering risks, cybercrime, and the circumvention of international money transfer rules
Daily transaction caps
- ▪The proposed framework would cap inbound and outbound stablecoin transfers at 5 million baht, approximately $151,000, per person, per operator, per day
- ▪The proposed rules would require stablecoin transfer values to be calibrated and consistent with a customer's verified income source and financial position
Transfer exemptions for operators
- ▪The proposed stablecoin transfer cap would not apply to specified operator business transfers, certain Bank of Thailand-authorized operators, and stablecoin/baht market makers
- ▪Transfers between Thai-supervised digital asset operators would be exempt from the daily 5 million baht cap if both firms comply with the Travel Rule
Travel Rule implementation timeline
- ▪Thailand's Securities and Exchange Commission opened the public consultation on the stablecoin proposal on September 11, 2026, with comments due by September 25, 2026
- ▪Thailand's finalized Travel Rule, which requires digital asset operators to collect and share transfer party information, is scheduled to take effect on February 27, 2027
Wallet verification compliance requirements
- ▪Under the proposed rules, digital asset operators must verify that the external sending or receiving wallet belongs to the platform's customer before completing any stablecoin transfer
- ▪The proposed wallet verification rules would require licensed platforms to establish ownership links, potentially altering wallet whitelisting and fund settlement workflows for users
Debatable claims
- ▪Stablecoin transfer limits should be calibrated to a user's verified income
- ▪Thailand should ban third-party stablecoin transfers on licensed platforms
- ▪Thailand should cap daily stablecoin transfers at $151,000
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