Thailand Cracks Down on Stablecoin Transfers: Same-Owner Rule Proposed

Thailand's Securities and Exchange Commission (SEC) has proposed new rules for stablecoin transactions that would require transfers to be made from or to the same owner's wallet. The proposal, which is currently in consultation stage, would effectively block customers from sending or receiving stablecoins through licensed crypto firms unless they are from or to their own account.

The SEC-approved principles, announced on September 3, aim to curb risks associated with money laundering and cybercrime. They require digital asset operators to verify the ownership of each wallet involved in a transfer and only allow transactions between wallets verified as belonging to the same customer.

The proposal also includes a daily cap of 5 million baht (approximately $145,000 USD) on stablecoin transfers per person per operator. However, this cap would not apply to transfers between customer accounts through SEC-supervised operators that comply with the Travel Rule.

The consultation is open until September 25, and no effective date has been announced for the proposed rules. The proposal remains a draft until final regulations are issued.