Thailand's Securities and Exchange Commission proposes to set a stablecoin transfer limit at US$151

Thailand's Securities and Exchange Commission proposes to limit cross-border stablecoin transfers

Thailand's Securities and Exchange Commission (SEC) has proposed a new proposal to limit inbound and outbound stablecoin transfers involving external wallets to 5 million baht (approximately US$151,000) per customer and operator per day. The proposal was released for public consultation on September 11, and the public can comment until September 25. Regulators said the move is aimed at cracking down on money laundering, cybercrime and attempts to circumvent international fund transfer controls.

Core Provisions and Exemption Mechanism

According to the proposal, stablecoins deposited or withdrawn must be limited to accounts or wallets that have been verified to belong to the same customer. This means that transfers between

• compliant Thai licensed digital asset operators will still be waived from the above-mentioned daily cap of five million baht.
• Enterprises, authorized agencies and qualified market makers can be exempted if they meet certain conditions.
• If the purpose of the transfer is not in line with the commercial purpose stated by the customer, or is inconsistent with the customer's income and financial status, the operator may lower the actual execution threshold.

Ownership verification and anti-money laundering measures

For transfers involving foreign digital asset operators or private wallets, Thai companies need to establish ownership verification procedures before executing the transaction. These inspections will be implemented in parallel with Travel Rule requirements. Operators need to classify customers, screen account information, and check whether wallets are associated with "mule accounts"(shell accounts used for money laundering), watch lists, or transactions with high illegal financial risks.

In addition, the proposal calls for the use of blockchain analytics tools or other similar monitoring tools to track the flow of digital assets and identify links to high-risk wallets. Although the consultation document does not specify a specific analysis provider or a single technology platform, it emphasizes the ability to identify high-risk links.

OTC and market maker transparency

In addition to transfer restrictions, the SEC has also proposed new standards for off-platform transactions processed by digital asset brokers and dealers:

1. Minimum transaction volume: Such transactions must meet a threshold of at least three million baht (approximately US$91,000).
2. Price disclosure: Service providers are required to publish digital asset transaction prices on websites or platforms so that customers can verify the prices used for over-the-counter transactions.
3. Role differentiation: Brokers are not allowed to directly arrange over-the-counter transactions between two clients, and can only act as agents to match clients through the exchange; dealers trade as principals.

For market makers and liquidity providers, a licensed exchange must publish the name of its market maker and the types of digital assets it provides. The scope of the review covers the source of assets and the true purpose of the market-making transaction. Regulators pointed out that the controls are designed to increase transparency and prevent liquidity arrangements from becoming a channel for illegal financial flows. Qualified liquidity providers must not be located in jurisdictions that do not implement the Financial Action Task Force (FATF) recommendations and must be subject to supervision by appropriate commercial or anti-money laundering regulators.

Next steps

Stakeholders can submit comments through the Thailand SEC website, Thailand's Central Legal Advisory Portal, or the email address listed in the notice, with the deadline being September 25. After the consultation ends, the SEC may amend, defer or waive some terms of the proposal before issuing a final request. The proposed stablecoin rules, market makers, liquidity providers, source exchanges and over-the-counter trading regulations will be implemented 60 days after the final notice takes effect.