New Rules Target Stablecoin Transactions on Licensed Platforms

Thailand's Securities and Exchange Commission announced a draft set of regulations aimed at regulating stablecoin movements through licensed cryptocurrency operators. The measures include a daily limit of 5 million baht, equivalent to approximately $148,000, on both deposits and withdrawals for each customer at every supervised platform. The cap applies separately to incoming and outgoing transfers, with transaction values required to align with a customer's declared income and financial profile.

Customers with accounts across multiple Thai exchanges would face the limit on each platform individually, though self-transfers between their own accounts on supervised platforms would remain exempt provided both operators follow the Travel Rule. This information-sharing requirement ensures sender and recipient details are transmitted to support compliance checks.

Direct peer-to-peer transfers on blockchains outside regulated platforms fall beyond the scope of the proposal, as do certain business-related activities.

Wallet and Verification Measures Tightened

Under the draft, stablecoins can only be transferred between wallets or accounts directly owned and verified by the individual customer. Users would be prohibited from sending or receiving funds on behalf of others. Licensed platforms must perform enhanced customer verification, monitor fund flows, apply blockchain analytics, and flag suspicious or high-risk activity, including links to known criminal payments.

Platforms would be tasked with ensuring transactions do not exceed what a customer's income and financial standing would reasonably support. This framework seeks to limit the use of stablecoins in money laundering, cybercrime, and the circumvention of international transfer regulations.

Compliance and Market Transparency Requirements

Exchanges must publicly disclose the market makers they engage with and the specific digital assets supported. Brokers would be barred from relying on third-party liquidity providers for stablecoin-to-baht trading pairs. Off-platform broker-organized trades would face a minimum size of 3 million baht, equivalent to roughly $88,500, with mandatory public disclosure of prices.

The SEC has incorporated feedback from an earlier public consultation held on September 11, 2026, and now invites additional comments until November 26. A revised notification on digital token offerings would exempt purchases and refunds conducted on regulator-approved ICO platforms from the daily cap to support innovation.

Implementation would begin 60 days after the final rules are issued. The proposal builds on ongoing efforts by Thai authorities to track unusual transactions, particularly involving the USDT stablecoin, using advanced analytics.

Exemptions and Broader Context

Transfers between a user's own accounts across supervised platforms, market maker activities, and certain ICO-related operations would not count toward the daily limit. Additional case-by-case approvals may be granted by the Bank of Thailand. The rules focus on licensed platforms while leaving unregulated P2P blockchain transfers untouched.

These adjustments aim to enhance the integrity of digital asset markets while maintaining flexibility for legitimate activities.

Public Consultation Period

The draft rules are open for public input until November 26, 2026. The Securities and Exchange Commission emphasized that the measures will help prevent money laundering, online financial crimes, and illicit cross-border capital flows through regulated channels.