Thailand's Securities and Exchange Commission (SEC) has proposed limiting daily stablecoin deposits and withdrawals to 5 million baht ($147,750) per customer, per licensed cryptocurrency operator as part of efforts to combat money laundering and illicit financial activity.
The proposed framework would also restrict customers to transferring stablecoins between accounts or wallets registered under their own identities. Independent peer-to-peer blockchain transfers would fall outside this permitted arrangement, according to the SEC's announcement.
Thailand SEC Proposes Stablecoin Transfer and Verification Rules
Under the proposed requirements, licensed cryptocurrency operators would need to assess whether customer transactions are consistent with their declared income sources and financial circumstances. Platforms would also be required to follow the Travel Rule, improve customer screening and monitor transactions involving potentially suspicious wallets.
The SEC also expects operators to use blockchain analytics tools to identify links between transactions, high-risk wallet addresses and individuals under regulatory scrutiny. The measures are intended to strengthen oversight of stablecoin movements and reduce the risk of money laundering, cybercrime and unauthorized international transfers.
However, the proposed daily limit would include exemptions for certain activities. These cover legitimate business transactions, transfers between accounts belonging to the same customer, stablecoin market makers, certain token offerings and investor refunds. Transactions authorized by the Bank of Thailand would also be excluded from the restriction.
The proposal follows a public hearing held in September, during which the SEC examined ways to strengthen supervision of stablecoin activities conducted through licensed digital asset operators.
Crypto Exchanges Face Market Maker Disclosure Requirements
The SEC's proposal extends beyond stablecoin transfer limits. Cryptocurrency exchanges would also have to disclose their market makers and identify the digital assets for which those providers supply liquidity. Operators would need to strengthen screening procedures to assess potential financial risks associated with liquidity providers.
Brokers would face additional restrictions on using liquidity providers for stablecoin trading pairs involving the Thai baht. Certain off-platform transactions between brokers and dealers would also be subject to a minimum value of 3 million baht ($88,528).
Businesses conducting those transactions would be required to disclose execution prices, giving regulators additional information about trading activity outside exchange platforms.
Public Consultation Open Until November 26
Thai authorities have also increased scrutiny of unusual USDT transactions, using financial data analytics to identify activity that could indicate money laundering.
The SEC has invited public feedback on the proposed regulations, with November 26 set as the deadline for submissions. The regulator will review the responses before determining the final rules governing stablecoin activity on licensed cryptocurrency platforms.
If adopted, the framework would introduce tighter controls over customer transfers, identity verification, liquidity providers and trading disclosures within Thailand's regulated digital asset sector.
Writer: Marcus Renfield Crypto Market Analyst & Onchain Writer
Marcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.
He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.
