Thailand SEC Proposes $148K Daily Stablecoin Transfer Cap

Thailand's Securities and Exchange Commission (SEC) has proposed capping daily stablecoin deposits and withdrawals at 5 million baht ($148,000) each per customer at regulated crypto operators, according to Cointelegraph. The regulator set out the draft rules in a Thursday announcement, saying they aim to curb money laundering, cybercrime and attempts to bypass cross-border money transfer rules.

Separate caps and wallet controls

The limit would apply separately to deposits and to withdrawals at each operator, the SEC said. The draft would bar stablecoin transfers to and from third-party wallets, and operators would have to verify that customers own the accounts or wallets they use for deposits and withdrawals.

Operators would also have to comply with the Travel Rule, which requires crypto service providers to collect and share information about transfers, and use blockchain analytics to identify wallets linked to suspicious activity.

Market maker and liquidity rules

The draft would require crypto exchanges to name their market makers and identify the assets for which they provide liquidity. Crypto brokers would be barred from using liquidity providers for stablecoin-baht pairs, and certain off-platform trades would be subject to a 3 million baht minimum.

The proposal follows a September consultation in which the SEC proposed stablecoin transfer limits and tighter oversight of crypto operators.

Key facts

• Daily cap of 5 million baht ($148,000) each for stablecoin deposits and withdrawals, applied separately per operator.
• Third-party wallet transfers would be barred; operators must verify customer wallet ownership.
• Operators must comply with the Travel Rule and use blockchain analytics.
• Exchanges must name market makers; brokers barred from liquidity providers for stablecoin-baht pairs.
• Certain off-platform trades face a 3 million baht minimum.