Summary

  • Thailand's financial authorities said they have proposed rules to limit stablecoin deposits and withdrawals to 5 million baht per day for each service provider as part of an anti-money laundering effort.
  • The proposal includes a provision allowing stablecoin transfers only between accounts or wallets held in the same person's name, while banning transfers to wallets registered under another person's name.
  • Digital-asset operators would be required to verify customers' income and financial standing and use blockchain analytics tools to check for links to high-risk wallets, while public comments on the proposal will be accepted through November 26.

Forecast Trend Report by Period

Thailand's financial authorities are moving to cap stablecoin deposits and withdrawals as part of an anti-money laundering push.

Thailand's Securities and Exchange Commission has proposed limiting retail clients' stablecoin deposits and withdrawals to 5 million baht, or about $148,000, per day for each service provider, The Block reported on November 13.

The proposal would also allow stablecoin transfers only between accounts or wallets held in the same person's name. Transfers to wallets registered under another person's name would be banned.

Digital-asset operators would also be required to verify whether transactions are consistent with a client's income and financial standing. They would also need to use blockchain analytics tools to check for links to high-risk wallets.

The rules would not apply to person-to-person on-chain transactions conducted outside regulated service providers. Some exceptions would also apply to transfers between exchange accounts held in the same name and to transactions by market makers.

Thailand's SEC said the proposal is intended to prevent money laundering, cybercrime and illegal overseas remittances involving digital assets. Public comments on the proposal will be accepted through November 26.

Uk Jin