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FollowingThe Securities and Exchange Commission of Thailand launches public consultation on new regulations on stablecoin transfers
On September 3, the Board of Directors of the Securities and Exchange Commission of Thailand (SEC) approved the principles of the draft stablecoin regulatory framework, and immediately launched a public consultation process on the new regulatory framework. The proposal requires strict verification of deposit and withdrawal accounts or wallets, stipulating that all transactions must be linked to accounts verified in the customer's name. At digital asset operators regulated by the SEC, the daily transfer limit for both individual users and operators is 5 million baht, or approximately US$151,000.
Digital asset operators face stricter verification requirements
The new regulations focus on stablecoin activity through SEC-regulated platforms, rather than bypassing peer-to-peer transactions by regulated operators. According to the draft, customers can only deposit stablecoins from wallets or payment accounts verified to own, or withdraw funds from such accounts. Before operators process any financial flows, they must establish procedures to ensure this direct connection.
This core requirement is designed to prevent customers from using wallets belonging to other individuals to send or receive tokens. Through licensed platforms, withdrawals of funds from family members, business partners, employees or unrelated third parties will be prohibited. However, the rule clearly excludes direct wallet-to-wallet transfers that do not involve regulated Thai companies.
To comply with compliance requirements, operators must reliably identify and verify all associated wallets and accounts, adding a new layer of compliance to their operations. It is the platform's responsibility to confirm that each address participating in a deposit or withdrawal matches the registered customer profile before authorizing any transaction.
This is part of authorities 'efforts to address risks associated with money laundering, cybercrime and illegal cross-border transfers. The SEC said the focus is on strengthening customer due diligence and making it difficult for unauthorized third-party payments to flow funds through exchange accounts. Deposits and withdrawals must enter an account verified to belong to the customer, not a third-party account. The move aims to strengthen customer due diligence and prevent money laundering through regulated digital asset operators.
Transfer limits and potential exemptions
A limit of 5 million baht applies independently to inbound and outbound transfers per user and per operator. As a result, customers may be subject to both daily deposit and withdrawal limits at each licensed provider. These ceilings are also related to the user's income and financial background, as stated in the draft.
There are important exceptions to transfers between regulated digital asset operators in Thailand. If both operators successfully implement "travel rules"-an international standard that requires the transmission of specific originator and beneficiary information for eligible digital asset transfers-normal transfer limits can be waived. Thailand plans to implement travel rule requirements on February 27, 2027.
Other carve-out provisions in the proposal allow transfers of certain transactions involving operators and institutions authorized by the Bank of Thailand. These exceptions are designed to maintain existing institutional payment channels while avoiding the same level of regulatory risk for ordinary retail users.
Implementation timetable and public consultation
The SEC has not yet specified an effective date for wallet verification requirements. The public consultation period will last until September 25, and stakeholders are encouraged to comment on the draft regulations. If approved, the operator will need to establish detailed wallet verification and documentation procedures, and the specific details will be further confirmed after the final text is improved.
Overall, the proposed rules aim to balance regulatory controls with the operational needs of Thailand's digital asset industry. The SEC's process provides feedback and time for refinement before new standards are enforced nationwide.
