Thailand SEC Proposes Ban On Third-Party Stablecoin Transfers With $150K Daily Cap
Thailand’s Securities and Exchange Commission (SEC) has opened a public session on new stablecoin regulation, proposing strict limits on stablecoin transfers by means of regulated digital asset operators. Under the draft ideas, stablecoin deposits and withdrawals would solely be permitted between accounts or wallets verified as belonging to the identical buyer, successfully banning transfers from or to different folks’s wallets. The session stays open till September 25, 2026, after which the ultimate guidelines will probably be confirmed.
The proposal establishes a day by day switch restrict of 5 million Thai baht—roughly $150,000—per particular person, per operator, relevant individually to inbound and outbound transfers. The cap is designed to make sure that switch values stay in keeping with prospects’ declared revenue and monetary standing. However, the restrict wouldn’t apply to transfers between prospects of Thai-regulated operators that each adjust to the Travel Rule, nor to sure enterprise prospects, together with licensed operators, market makers dealing with stablecoin/Thai baht pairs, and operators regulated by the Bank of Thailand which have acquired particular approval to make use of stablecoins of their enterprise operations.
Broader Measures Target Money Laundering, Off-Platform Trading and Liquidity Providers
Beyond the switch restrictions, the SEC’s framework addresses a number of associated areas of digital asset oversight. Customer wallets at each ends of a transaction would wish to fulfill Travel Rule necessities, together with buyer classification, screening in opposition to mule accounts and wallets linked to criminal activity, and the usage of blockchain analytics instruments to hint asset actions and establish connections to flagged or watchlisted wallets. The regulator acknowledged that these measures goal to scale back dangers related to cash laundering, cybercrime, and the circumvention of cross-border fund switch guidelines.
The session additionally introduces guidelines for off-platform transactions carried out by digital asset brokers and sellers. Such transactions would require a minimal worth of three million baht, with buying and selling costs disclosed publicly on the operator’s web site or platform to enhance transparency and worth verification. Brokers can be prohibited from conducting off-platform transactions immediately between prospects, although they might act as intermediaries routing buyer orders by means of a licensed digital asset change.
Further provisions tighten oversight of market makers and liquidity suppliers. Exchanges can be required to publish the names of market makers and the digital property for which they supply liquidity, alongside enhanced screening and ongoing monitoring of their conduct to determine the origins of property and the true objective of their transactions. For brokers, liquidity suppliers can be banned for stablecoin/baht buying and selling pairs and should not be primarily based in jurisdictions missing Financial Action Task Force-compliant anti-money laundering measures. Brokers should additionally disclose their liquidity suppliers and any conflicts of curiosity to prospects.
Finally, the ideas strengthen the SEC’s supervisory powers, permitting the regulator to order operators that fail to correctly accumulate and report required data to rectify the scenario inside a specified interval, and to take extra motion if compliance shouldn’t be achieved.
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