Thailand Proposes Stablecoin Rule Blocking Transfers Between Wallets
Thailand's Securities and Exchange Commission (SEC) has proposed a new rule that would require stablecoin transfers to be made from one owner's account to another, effectively blocking transfers between different people's wallets. This measure is aimed at reducing risks associated with money laundering, cybercrime, and the circumvention of international money transfer rules.
The proposal, which remains in consultation stage, would prohibit customers from receiving stablecoin deposits from someone else's wallet or sending stablecoins to another person's wallet through licensed crypto firms. It also introduces a daily cap of 5 million baht ($140,000) per person, per operator for inbound and outbound transfers.
The SEC developed the measures after observing significant growth in stablecoin transaction volume and value, particularly involving USDT. The proposal would be separate from Thailand's finalized Travel Rule, which requires digital asset operators to collect information about transfer parties and verify ownership or control of certain self-hosted wallets.