Thailand's Securities and Exchange Commission has proposed a five-million-baht (roughly $151,000) daily cap on stablecoin transfers to and from external wallets. The draft rules also require deposits and withdrawals to move only between verified customer accounts, with exemptions for compliant Thai operators, businesses and market makers. Public comments stay open through September 25, with the requirements set to take effect sixty days later.
Thailand proposes a $151,000 daily stablecoin cap
Thailand's SEC has proposed limiting inbound and outbound stablecoin transfers involving external wallets to five million baht, or roughly $151,000, per customer, operator and day. The regulator opened the consultation on Sept. 11, and public comments remain open through Sept. 25. The proposed rules are not yet in force.
The regulator said it opened the consultation to address money laundering, cybercrime and attempts to bypass controls governing international money transfers. The dollar equivalent uses an indicative exchange rate and can change with the Thai baht.
Wallet ownership checks would apply to every transfer
Licensed digital asset operators could accept stablecoin deposits only from an account or wallet belonging to their customer, and withdrawals would need to go to another verified account under the same customer's name. As a result, sending stablecoins from another person's wallet into a customer's exchange account would be prohibited, and a customer could not withdraw stablecoins directly to another person's wallet.
The restriction covers transfers involving foreign digital asset operators and private wallets. Thai businesses would need procedures for verifying ownership before processing a transaction, and ownership checks would operate alongside Travel Rule requirements that guard against money laundering. Operators would need to classify customers, screen account information and check whether a wallet is linked to mule accounts, watchlists or high-risk transactions.
The cap carries several exemptions
Transfers between accounts held at Thai-regulated digital asset operators would not face the five-million-baht ceiling when both businesses comply with the Travel Rule. Businesses transferring stablecoins through accounts in their own names would also be exempt when the activity serves a stated commercial purpose, and institutions supervised by the Bank of Thailand could qualify case by case.
Market makers supplying liquidity to stablecoin-baht pairs would receive an exemption when transfers are required for liquidity management. However, the proposal does not create a general waiver for every market-making transaction, leaving regulated operators responsible for confirming that activity fits the stated function.
Off-platform trades would need price disclosure
Thailand's SEC paired the transfer controls with proposed standards for off-platform transactions handled by digital asset brokers and dealers. Such trades would need a minimum value of three million baht, equal to roughly $91,000 at the current exchange rate, and businesses providing the service would need to publish trading prices on their websites or platforms.
Digital asset brokers could not arrange direct off-platform transactions between two customers, though they could act as agents that match customers through an exchange. Following the consultation, stablecoin rules covering transfers, market makers, liquidity providers and off-platform transactions are proposed to take effect 60 days after the resulting notification becomes effective.
Source: crypto.news
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