Thailand's Securities and Exchange Commission (SEC) has proposed separate daily caps of 5 million baht (about $148,000) on stablecoin deposits and withdrawals per customer at each regulated operator, tightening how users can move the assets.
The limits would be counted separately, allowing a customer to deposit up to 5 million baht and withdraw up to 5 million baht on the same day.
A customer could send stablecoins to an operator only from an account or wallet verified as their own, and withdraw only to an account or wallet verified under the same name. Transfers involving another person's wallet would be barred. Operators would have to screen customers, follow the Travel Rule, trace funds with blockchain analysis tools and check for links to high-risk or blacklisted wallets. Stablecoin inflows and outflows would also have to be commensurate with a customer's income sources and financial circumstances.
The caps would not apply to transfers between a customer's accounts at SEC-regulated operators when both follow the Travel Rule. Other exceptions cover stablecoin transfers through operators' own business accounts, operators approved by the Bank of Thailand to use stablecoins under a specified model, market makers moving stablecoins through regulated operators for stablecoin-baht trading pairs, and subscriptions or refunds for approved digital-token offerings.
The draft also sets rules for market makers and liquidity providers. Exchanges would have to publish market makers' names and the assets for which each provides liquidity, and screen and monitor their activity. Brokers could not use liquidity providers for stablecoin-baht pairs. Liquidity providers would need anti-money-laundering and counterterrorism controls, regulatory supervision and custody safeguards; they could not be based in jurisdictions that do not implement Financial Action Task Force recommendations. Brokers would also have to disclose liquidity-provider names and conflicts of interest.
For over-the-counter trades, the proposed minimum is 3 million baht, or about $89,000. Operators would have to disclose transaction prices, and brokers could not arrange these trades between customers. The draft's stated aim is to prevent digital assets from being used for money laundering, cybercrime or bypassing international remittance rules. The SEC opened the consultation on Nov. 12 after discussing broader principles in September. Comments are due Nov. 26.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to [email protected].
