Thai SEC Proposes Stablecoin Transfer Caps to Tame Concentration Risk
The Thai Securities and Exchange Commission (SEC) has proposed new rules for licensed digital asset operators to tighten how they handle stablecoin deposits and withdrawals. The proposal, which is open for public comment until September 25, would require every inbound and outbound stablecoin transfer to move between accounts or wallets verified as belonging to the same customer, with a daily cap of 5 million baht (~$151,550) per person.
The same-owner test, which is at the centre of the draft, would ensure that stablecoins entering a customer account at a licensed operator come from an account or wallet verified as belonging to that customer, and withdrawals would have to go to an account or wallet verified as belonging to the same customer.
The SEC is also proposing exemptions for inter-operator transfers and market makers, which may preserve liquidity while limiting large-scale remittance substitution. The proposal aims to address concentration risk, with USDT accounting for 66% of daily crypto trading, about 914 million baht.