Thailand Proposes 5 Million Baht Daily Stablecoin Transfer Limit
Thai regulators propose blocking stablecoin transfers between different owners, setting a 5 million baht daily cap per operator.
Thailand's Securities and Exchange Commission proposes a daily transfer limit of 5 million baht for stablecoin transactions. The rule restricts movement of tokens like USDT through licensed digital asset operators. This cap applies to both inbound and outbound transfers per person, per operator. The measure remains in the consultation phase and is not yet law.
The proposal mandates that stablecoins must originate from and return to the customer's own verified wallet. Transfers from another person's account are prohibited. Withdrawals to a third-party wallet are also blocked. This creates a strict same-owner requirement for all regulated transactions.
Strict ownership rules define new limits
The SEC Board approved these principles on September 3. The rule targets transfers conducted through supervised platforms. Peer-to-peer transactions outside these firms are not covered. The agency cited growth in stablecoin volume as a driver for this action. Risks related to money laundering and cybercrime also informed the decision.
According to GN markets/crypto (en-US), the proposal links transfer values to customer income. Financial position must align with transaction amounts. This adds a layer of verification beyond simple identity checks. It aims to prevent the use of regulated platforms for illicit funding flows.
Exemptions apply to compliant operator transfers
A waiver exists for transfers between SEC-supervised operators. Both firms must comply with the Travel Rule to qualify. This rule requires collecting information on transfer parties. It also mandates verification of ownership for self-hosted wallets. The Travel Rule takes effect on February 27, 2027.
Other exemptions include specific operator business transfers. Bank of Thailand-authorized operators also face different conditions. Market makers for stablecoins and baht are included in this list. It is unclear if the cap waiver affects the same-owner test. Further consultation may clarify these interactions.
Consultation period closes in September
The SEC opened public consultation on September 11. Comments are due by September 25, 2026. No effective date is announced for the stablecoin restrictions. The same-owner rule remains a proposal until final issuance. The market awaits the final regulatory text.
