Thailand Proposes Strict Stablecoin Transfer Rules
The Thailand Securities and Exchange Commission (SEC) has proposed a new rule for stablecoin transactions that would restrict customers from transferring tokens such as USDT to or from accounts not verified as their own.
The proposal, which is currently at the consultation stage, aims to curb risks associated with money laundering, cybercrime, and the circumvention of international money transfer rules.
Under the proposed rule, licensed crypto firms could only accept deposits and withdrawals through accounts verified as belonging to the customer. This means that a stablecoin deposit from another person's account or a withdrawal to another person's account would be prohibited.
The SEC has also set separate inbound and outbound caps of 5 million baht per person, per operator, per day for stablecoin transfers. However, transfers between supervised Thai operators would be exempt from these caps if both firms comply with the Travel Rule.