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Points of Focus
- Thailand’s SEC proposed same-owner wallet rules for stablecoin deposits and withdrawals.
- Private and overseas transfers would face separate 5 million baht daily caps.
- The consultation also covers off-platform trades, market makers and liquidity providers.
Thailand’s Securities and Exchange Commission has proposed blocking third-party stablecoin deposits and withdrawals through licensed digital asset firms, extending the country’s anti-money-laundering controls to the ownership of wallets used on either side of a transfer.
Under the consultation released Sept. 11, stablecoins deposited into a customer account would have to come from an account or wallet verified as belonging to that customer. The same ownership requirement would apply to withdrawals, effectively preventing a customer from sending stablecoins directly from a regulated platform to another person’s wallet. The proposal covers customers’ private wallets and their accounts with overseas digital asset providers.
Operators would also have to screen customers, mule accounts and high-risk wallets, while using blockchain analytics to trace connections to addresses associated with suspected illegal activity. Transfer volumes would have to correspond with the customer’s declared income and financial position.
Thailand sets 5 million baht stablecoin transfer caps
The SEC proposes a 5 million baht daily limit per customer per operator for inbound stablecoin transfers, plus a separate 5 million baht limit for outbound transfers.
The cap would apply when customers move stablecoins between a Thai-regulated operator and their own private wallet or account elsewhere. Transfers between customer accounts at two Thai-regulated digital asset firms would have no monetary ceiling under this provision, provided both operators comply with the country’s Travel Rule.
Several exemptions are planned. The limit would exclude licensed digital asset businesses transferring stablecoins through their own corporate accounts, firms supervised by the Bank of Thailand that have specific permission to use stablecoins, and market makers providing liquidity for stablecoin-baht pairs.
The proposal follows months of coordinated scrutiny. In August, the SEC and Bank of Thailand identified USDT and USDC as a focus of their stablecoin supervision, citing risks involving money laundering, cybercrime and the avoidance of international money-transfer rules. The SEC said it was already using customer profiling, wallet screening, blockchain tracing and a “Smart Detection” system to identify suspicious stablecoin activity.
On Sept. 2, Thailand issued its broader Travel Rule for digital assets. From Feb. 27, 2027, licensed operators will have to collect information on senders and recipients, verify ownership or control of self-hosted wallets and retain transaction information for at least five years.
The proposal lands amid broader growth in stablecoin payment and savings infrastructure. Coinbase and Moov recently brought stablecoin payment infrastructure to more than 1,000 community banks, while Spark and OKX added onchain USDT savings for exchange users. Compliance pressure is rising alongside that expansion, including India’s move against 15 platforms over alleged AML failures.
Rules also target off-platform trades and liquidity providers
Thailand’s consultation also covers off-platform trading. Digital asset brokers and dealers would face a 3 million baht minimum transaction size and would have to publish trading prices. Brokers could not arrange direct off-platform trades between customers, though they could route them to an exchange for matching.
Exchanges would have to disclose their market makers and supported assets. Brokers would be barred from using liquidity providers for stablecoin-baht pairs, while liquidity providers and source exchanges would face regulatory, AML and screening requirements.
The consultation runs through Sept. 25. The proposed rules would take effect 60 days after the final regulations become effective.
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