Thailand’s Securities and Exchange Commission (SEC) has proposed new rules to limit daily stablecoin transactions. The draft regulations would cap deposits and withdrawals at 5 million baht ($148,000) per customer per day for each regulated crypto operator. The SEC aims to combat money laundering, cybercrime, and attempts to circumvent cross-border money transfer rules.
The proposed rules would also require customers to use wallets they own, barring transfers to or from third-party wallets. Crypto operators must verify customer ownership of the wallets used for transactions. Additionally, operators would need to comply with the Travel Rule, which mandates collecting and sharing information about transfers and using blockchain analytics to detect suspicious activity.
Under the draft, crypto exchanges must disclose their market makers and the assets they provide liquidity for. Brokers would be prohibited from using liquidity providers for stablecoin-baht pairs, and certain off-platform trades would face a 3 million baht minimum. The proposal follows a September consultation where the SEC sought input on stablecoin transfer limits and stricter oversight of crypto operators.