Thai SEC Proposes Stablecoin Transfer Restrictions

The Thai Securities and Exchange Commission (SEC) has proposed new rules for stablecoin transfers in Thailand. Under the proposal, customers would be required to transfer stablecoins such as USDT only from an account or wallet verified as their own.

This means that a customer would not be able to receive a transfer of stablecoins from someone else's wallet on a Thai SEC-supervised platform, nor send stablecoins to another person's wallet. The proposal is currently at the consultation stage and has not yet become an operative rule.

The proposed rules aim to prevent third-party transfers of stablecoins through licensed crypto firms in Thailand. This move follows similar regulatory efforts elsewhere, including the US, which has also proposed ID checks for converting dollars to stablecoins.