Thailand Securities and Exchange Commission proposes transferring stablecoins to own wallets

Thailand's Securities and Exchange Commission proposes to restrict deposits and withdrawals of stablecoins to customers 'own verified wallets

Thailand's Securities and Exchange Commission (SEC) has proposed a proposal to require licensed digital asset operators to limit deposits and withdrawals of stablecoins to customers' own verified wallets. The proposal is currently in the public solicitation stage, and the public can submit comments before September 25, 2026.

Core Points

• Thailand's SFC proposes to impose restrictions on stablecoin transfers through licensed operators.
• The proposal covers stablecoin deposits and withdrawals from licensed cryptocurrency companies.
• Transfers will be restricted to the customer's verified wallet address.

Specific proposals on stablecoin transfers

The Thailand Securities and Exchange Commission referred to here is the regulatory authority of Thailand , not the institution of the same name in the United States. The committee approved the basic principles on September 3, 2026, and officially launched the consultation process on September 11. It needs to be emphasized that this is a proposal for comment and is not a rule that will eventually take effect.

Core change requirements: Both the source account of the deposit and the destination account of the withdrawal must be verified and confirmed to be owned by the customer who performed the transfer. The regulatory principles clearly prohibit the deposit of stablecoins from other people's accounts and the withdrawal of stablecoins from other people's accounts. Regulators said they have observed an increase in stablecoin trading volumes, particularly those involving TEDA (USDT), and that there are trading patterns that may pose risks to money laundering , cybercrime and circumvention of transfer rules.

Coverage: Two-way restrictions on deposits and withdrawals

The above provisions apply to both the inflow and outflow directions of funds. Deposits and withdrawals made through licensed operators are subject to an ownership test and daily limits apply respectively.

Proposed stablecoin deposit cap

5 million baht

Daily·per person·per operator

According to Thailand The SFC's proposal provides for a daily cap of 5 million baht per customer at each operator through stablecoin deposits made by licensed digital asset operators, which is calculated separately from the withdrawal limit. Despite specific exemptions, verification of customer ownership is still mandatory. Please note that this is a consultation proposal and is not a final restriction.

Proposed stablecoin withdrawal cap

5 million baht

Daily·Per Person·Per Operator

Similarly, through stablecoin withdrawals made by licensed digital asset operators, the daily upper limit for each customer at each operator is also set at 5 million baht, calculated separately from the deposit limit. In addition, the transfer amount must also be consistent with the customer's source of income and financial status. It should be noted that this is a consultation proposal and is not a final restriction measure.

Scope of application: Which wallets and crypto companies are restricted?

The customer has verified the wallet

Two conditions must be met for qualification: the wallet must belong to the customer and must be verified. According to the proposal, wallets that do not belong to the customer do not meet the requirements of "personal wallet". The consultation document does not specify the wallet verification process, and the CSRC's exemption clause does not exempt the separately stated ownership conditions.

There are exceptions to the limit itself. When both operators meet the requirements of the Travel Rule, funds transfers between customer accounts through operators supervised by the China Securities Regulatory Commission are not limited by the transfer value. In addition, the September 11 consultation document also added exemptions for certain carrier business transfers, certain stablecoin activities authorized by the Central Bank of Thailand , and certain stablecoin/Thai baht market makers transfers.

stablecoin transfers from licensed cryptocurrency companies

The restriction targets stablecoin deposits and withdrawals routed through licensed digital asset operators; it does not prohibit peer-to-peer blockchain transfers outside of these companies. The consultation document also proposes that for digital asset brokers and dealers, a minimum value of OTC trading should be 3 million baht, public price disclosures must be made, and brokers are prohibited from arranging OTC trading between clients.

In addition, brokers will be prohibited from providing liquidity providers for stablecoin/Thai baht transactions and will be required to disclose the names and conflicts of interest of the liquidity providers. This framework places wallet ownership rules within the broader reform of broker execution and liquidity practices.

Thailand has been very active in the formulation of digital asset regulations. It has previously drafted trading rules for spot bitcoin and Ethereum ETF, promoted access proposals for retail cryptocurrency ETFs, and implemented a five-year zero-rate policy for cryptocurrency capital gains. This stablecoin measure echoes more stringent issuer rules in other regions, such as the recent launch of the crypto framework in the UK.

Matters not yet confirmed in the proposal

Verification requirements and timetable

The notices obtained did not detail how wallet ownership would be verified, nor did they announce an effective date for the proposed stablecoin restrictions. Pornanong Budsaratragoon, Secretary-General of Thailand's Securities Regulatory Commission, said that regulators will hold a public hearing with relevant parties in September 2026, and the results will help further consider the rule revision.

According to a single media report, citing a different SFC notice that was not independently obtained, another finalized Thailand "Travel Rules" will take effect on February 27, 2027. According to the CSRC's own consultation announcement, the current comment window for stablecoin consultation will last until September 25, 2026. Please pay close attention to this deadline and subsequent rule texts to understand the missing verification mechanisms and adoption status in the currently published materials.

Disclaimer : This article is for reference only and does not constitute financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Be sure to conduct independent research before making a decision.