Thailand's securities regulator is proposing a hard ceiling on how much stablecoin value a single customer can move through licensed crypto platforms each day, part of a broader draft package that also reaches into wallet ownership checks, market-maker disclosure and off-exchange trading.
The Securities and Exchange Commission published the draft rules on November 12, setting a daily limit of 5 million baht (about $150,000) on stablecoin deposits and a separate 5 million baht limit on withdrawals per customer at each regulated digital asset operator. The two caps are calculated independently rather than as a combined allowance, meaning a customer could move up to 10 million baht in a day across the two directions at a single venue.
The regulator said the measures are intended to keep stablecoins from becoming a channel for money laundering, cybercrime and evasion of international money transfer controls. Public comment runs until November 26, following an earlier consultation in September.
Beyond the numeric ceiling, the draft would bar deposits originating from third-party accounts or wallets and withdrawals sent to wallets held by someone else. Operators would be required to confirm that customers actually control the wallets they use, screen counterparties, and deploy blockchain analytics to flag links to suspicious addresses. Transfers would also need to be consistent with a customer's income and financial position, so compliance checks could bite even on transactions well under the cap.
The proposal carves out several exemptions. Movements between a customer's own accounts at SEC-supervised operators would not count toward the limit, provided both venues meet Travel Rule obligations. Regulated digital asset businesses moving funds for their own operations, certain Bank of Thailand-approved businesses, qualifying market makers and specified transactions tied to SEC-approved token offerings would also be excluded.
Note: Baht-to-dollar figures follow the conversion reference supplied with the source material.
On market structure, the draft would require licensed exchanges to name their market makers publicly and disclose which digital assets those firms support. Exchanges would also be accountable for monitoring market-maker activity, including where the assets used to supply liquidity come from and what the transactions are for. Brokers would be prohibited from tapping liquidity providers for stablecoin-to-baht pairs, while other liquidity providers would face added eligibility tests covering regulatory standing, anti-money laundering controls, asset safekeeping and adherence to Financial Action Task Force standards. Brokers would have to identify their liquidity providers and flag potential conflicts of interest, and would face tougher scrutiny of any external exchange used to fill customer orders. The draft further sets a 3 million baht (about $89,000) floor for certain off-platform trades by brokers and dealers, obliges operators to publish transaction prices, and bars brokers from directly arranging off-platform trades between clients.
The package lands amid a widening push by Thai authorities to bring digital assets inside the regulatory perimeter while tightening supervision of the firms already licensed to handle them. In March 2025 the SEC cleared USDT and USDC for trading on locally regulated exchanges, formally allowing the two largest dollar-pegged tokens onto approved venues. That permission does not shield transactions from anti-money laundering rules or from the proposed transfer limits.
Enforcement has moved in parallel. Earlier this month the SEC filed a criminal complaint against the operator of Bitget over alleged unlicensed exchange activity and said access restrictions would begin December 5. The stablecoin consultation addresses a different supervisory gap: making sure flows through authorized platforms stay identifiable and subject to monitoring. The emphasis on wallet ownership, transaction screening and liquidity counterparties reflects concern that digital asset transfers could move funds beyond established financial controls. In July, the central bank and the SEC examined high-value USDT transfers over worries that such transactions might sidestep conventional remittance channels.
The draft also envisions stronger supervisory powers when operators fail to supply required information. The SEC could order firms to remedy deficiencies or take specified steps to ensure regulatory reporting is complete and accurate.
For investors, the practical reach of the proposal is narrower than a blanket limit on crypto holdings: it targets large stablecoin movements through regulated operators. The third-party wallet restriction, however, could prove more disruptive operationally for customers who routinely use exchanges to route stablecoins to other recipients. The liquidity-provider rules may force brokers to rework existing stablecoin-baht execution arrangements, and the added monitoring and disclosure duties could raise operating costs, though the effect on trading spreads and available liquidity cannot yet be quantified.
The November document is a draft notification, not an enacted regulation, and the SEC has not set an implementation date. Stakeholders have until November 26 to file comments before the regulator weighs revisions and proceeds to a final framework. The issues most likely to shape that outcome are the final scope of exemptions, the procedures for verifying wallet ownership and any transition period for building new compliance systems.
