Thailand’s stablecoin proposal would block transfers to other people’s wallets
Thailand’s Securities and Exchange Commission has proposed a same-owner requirement for stablecoin transfers that would sharply slender how clients can transfer tokens similar to USDT by means of licensed crypto companies. The measure stays on the session stage and isn’t but an operative rule.
Under the SEC Board-approved Sept. 3 consultation principles, stablecoins coming into a buyer account at a digital asset operator would have to come from an account or pockets verified as belonging to that buyer. Withdrawals would likewise have to go to an account or pockets verified because the buyer’s personal.
The consequence is specific: a stablecoin deposit from one other particular person’s account, or a withdrawal to one other particular person’s account, would be prohibited.
How the proposed possession gate would work
As drafted, the restriction would cease a buyer from utilizing a Thai SEC-supervised platform to obtain a switch from another person’s pockets or to ship stablecoins to one other particular person’s pockets. Its attain is restricted to transfers carried out by means of supervised digital asset operators, moderately than peer-to-peer transfers that happen completely exterior these companies.
The proposal would additionally require stablecoin switch values to be per a buyer’s revenue supply and monetary place. Inbound and outbound transfers would every be capped at 5 million baht per day, per particular person, per operator.
The cap would not apply to transfers between buyer accounts by means of SEC-supervised operators when each companies adjust to the Travel Rule. The Sept. 11 session additionally lists cap exemptions for specified operator enterprise transfers, sure Bank of Thailand-authorized operators and stablecoin/baht market makers. It stays unclear whether or not that cap waiver would have an effect on the individually said same-owner check, and session might add implementation element.
The SEC mentioned it developed the measures after observing important progress in stablecoin transaction volume and worth, significantly involving USDT. It additionally cited patterns that it related to dangers tied to cash laundering, cybercrime and the circumvention of guidelines governing worldwide cash transfers.
The possession check would be separate from Thailand’s finalized Travel Rule. That rule requires digital asset operators to gather details about switch events, verify counterparties and confirm possession or management of sure self-hosted wallets. It takes impact on Feb. 27, 2027.
As described, the stablecoin proposal would add a stricter situation when a switch crosses the boundary of a licensed operator: the surface sending or receiving account would have to belong to the platform’s buyer, not one other particular person.
On Sept. 11, the SEC opened the public consultation, with feedback due by Sept. 25, 2026. It didn’t announce an efficient date for the proposed stablecoin restrictions. Until last guidelines are issued, the same-owner restriction stays a proposal.
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