Thailand proposes daily cap of $148K on stablecoin deposits and withdrawals

Thailand’s SEC has proposed a daily cap of 5 million baht ($148,000) per customer for stablecoin deposits and, separately, withdrawals at each regulated crypto operator. The draft also bars transfers involving third-party wallets and requires ownership checks, transaction-data sharing and blockchain monitoring, as the regulator seeks to counter money laundering, cybercrime and evasion of cross-border transfer rules.

By NBTCNov 121 min read

Thailand’s securities regulator has proposed limiting stablecoin deposits and withdrawals at regulated crypto operators to 5 million baht ($148,000) each per customer per day.

The proposed limit would apply separately to deposits and withdrawals at each operator, Thailand’s Securities and Exchange Commission (SEC) said in an announcement Thursday. The regulator said the rules are intended to curb money laundering, cybercrime and attempts to evade cross-border money transfer rules.

The draft would prohibit stablecoin transfers to and from third-party wallets. Operators would be required to verify that customers own the accounts or wallets used for deposits and withdrawals.

Operators would be required to follow the Travel Rule, which requires crypto service providers to collect and share information about transfers, and use blockchain analytics to identify wallets linked to suspicious activity.

The draft would require crypto exchanges to disclose their market makers and the assets for which they provide liquidity. Crypto brokers would be prohibited from using liquidity providers for stablecoin-baht pairs. Some off-platform trades would be subject to a minimum of 3 million baht.

The draft follows a September consultation in which the SEC proposed limits on stablecoin transfers and tighter oversight of crypto operators.

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