Thailand’s Securities and Exchange Commission has proposed new rules to limit stablecoin transfers as part of its efforts to combat money laundering. The draft notification, open for public comment until November 26, would cap daily withdrawals and deposits for individual customers at 5 million baht (around $147,750) per digital asset operator. The restrictions apply to regulated platforms but do not cover peer-to-peer transactions conducted directly on the blockchain.
The proposed rules also mandate that stablecoins be transferred only between accounts or wallets belonging to the same person, prohibiting transactions involving another person’s wallets. Operators would be required to comply with the Travel Rule, conducting customer profiling and screening, and using blockchain analytics to identify high-risk or watchlisted wallets. The SEC emphasized that stablecoin transfers must align with a customer’s income and financial position.
Certain transfers would be exempt from the 5 million baht limit, including movements between a customer’s own accounts on SEC-supervised platforms, transfers by operators for business purposes, and activities related to digital token offerings and refunds. The rules also introduce stricter requirements for crypto exchanges, such as disclosing the names of market makers and enhancing screening processes. Brokers would be barred from using liquidity providers for stablecoin-baht trading pairs, and off-platform transactions would face a minimum threshold of 3 million baht ($88,528).
The SEC’s proposal builds on earlier steps by Thai authorities, including the use of data analytics to monitor unusual USDT trading. The goal is to prevent digital assets from being used for money laundering, cybercrime, or circumventing international money transfer rules.