Thailand’s Securities and Exchange Commission (SEC) has proposed new rules for stablecoin transactions conducted through licensed digital asset operators.
Announced on 12th November, the draft notification aims to prevent cryptocurrencies and stablecoins from being used for money laundering and cybercrime, and from bypassing rules on international money transfers.
The update follows a public consultation in September, during which the regulator gathered feedback from industry participants.
Why has the SEC proposed a limit of 5 million Thai baht?
The SEC has incorporated the feedback into its latest draft and is seeking further public comments until 26th November.
A key proposal would set a daily transfer limit of 5 million Thai baht per customer at each regulated digital asset operator. The limit would apply separately to incoming and outgoing stablecoin transfers. Transaction values would also need to be consistent with each customer’s declared income and financial position.
Transfers between a customer’s own accounts at two SEC-supervised operators would be exempt from the limit, provided both operators comply with the Travel Rule.
The SEC’s plans for stablecoin regulation
The SEC also aims to strengthen wallet ownership verification. Customers would be allowed to deposit stablecoins from their own verified wallets and withdraw them to wallets registered in their names.
Operators would also need to comply with the Travel Rule, analyze customers, identify suspicious accounts, and track transactions linked to high-risk wallets.
These requirements are intended to make it harder for criminals to move illicit funds through regulated platforms.
Other limitations that are a must
The proposal also sets stricter requirements for exchanges and brokers. Exchanges would have to publicly disclose their market makers and the digital assets for which they provide liquidity. Brokers would be prohibited from using liquidity providers for stablecoin-to-Thai baht trading pairs.
Brokers and dealers offering off-platform transactions would also face a minimum transaction threshold of 3 million baht and have to publish trading prices for transparency. Brokers would no longer be allowed to arrange off-platform trades directly between customers.
Together, these measures would help the SEC tackle crimes affecting Thailand’s stablecoin ecosystem.
Final Summary
- The proposal has introduced a daily transfer limit of 5 million Thai baht per customer at each regulated digital asset operator.
- Brokers and dealers offering off-platform transactions will face a minimum transaction limit of 3 million baht.
