Thailand's new stablecoins may restrict the use of third-party wallets

Thailand's new stablecoin regulations focus on third-party wallet transfers

Core points: The Securities and Exchange Commission of Thailand (SEC) approved the draft principles for the supervision of stablecoin and launched a public consultation process. The new regulations require all deposits and withdrawals made through licensed operators to use a bank account or wallet verified by the customer's real name. At the same time, the single-day inbound and outbound limit for each user and each operator is set at 5 million baht (approximately US$151,000). Transfers between regulated operators can be waived from this limit if both parties comply with the Travel Rule. The public consultation deadline is September 25, 2026, and a final effective date has not yet been determined.

The new regulations aim to curb third-party wallet transfers

According to the draft regulations, stablecoin transfers can only enter a customer's account from a customer's verified wallet or payment account. Operators must establish this association before accepting deposits. Withdraws follow the same test criteria: funds can only be transferred to a verified wallet or account in the name of the customer requesting the operation.

This means that platforms with legal licenses will prohibit customers from receiving stablecoin tokens from other people's external wallets. In addition, the platform will also prohibit withdrawals from family members, counterparties, employees or unrelated business wallets. This restriction applies to operators 'transfer boundaries, but does not prohibit direct transfers between point-to-point wallets that do not pass through Thailand's regulated authorities.

Compliance process and verification requirements

The proposed new regulations for Thailand's stablecoin will establish compliance steps for platforms that handle stablecoin deposits and withdrawals. Operators need to provide evidence that each allowed destination and source address belongs to the account holder. Before completing the transfer, the platform must distinguish between the customer's wallet and the address held by other individuals or payment intermediaries.

This process may significantly change the user's wallet whitelist settings and fund settlement workflow. There is no single verification method listed in the proposal, and companies may need to establish procedures for wallet ownership, customer records and transaction monitoring before they can process transfers. Regulators said the move was in response to the risks of money laundering, cybercrime and cross-border transfers. Thailand's new stablecoin regulations juxtapose the "same owner" condition with licensed operators 'customer due diligence, making it more difficult to route third-party stablecoin payments through exchange accounts, but will not regulate private transfers far from regulated operators' systems.

Retain the "Travel Rules" transfer exemption

A cap of 5 million baht applies to funds entering and exiting customer accounts respectively. As a result, each user may face a daily debit limit and a daily debit limit at each operator. At current exchange rates, the amount is approximately US$151,000. The consultation document also states that the allowed trading volume may be linked to verified revenue and financial conditions, but within prescribed ceilings.

Transfers between regulated digital asset operators in Thailand may be exempted from the above limits. However, the exemption applies only if both institutions comply with the "Travel Rules". The system requires that eligible digital asset transfers must be accompanied by designated initiator and beneficiary information. Thailand plans to formally implement its separate travel rule requirements on February 27, 2027.

Thailand's new stablecoin rules may distinguish transfers to verified personal wallets from transfers processed between compliant local intermediaries. The consultation document also outlines some exceptions to business transfers involving operators and entities authorized by the Bank of Thailand. These carve-outs (exceptions/exemptions) will restrict the flow of ordinary third-party wallets while retaining specific institutional channels.

The Securities and Exchange Commission of Thailand has invited the public to submit comments on these principles with a deadline of September 25, 2026. Users need to prove that each wallet belongs to them before using a licensed carrier. It should be noted that Thailand's new stablecoin regulations are not targeted at issuers, but focus on the process of customers depositing or withdrawing tokens through regulated companies. Any final text will identify specific documentation requirements, verification processes and exempt transaction categories. Officials will decide on the next step after soliciting opinions.