Thailand's securities regulator has proposed limiting stablecoin deposits and withdrawals to 5 million baht (about $148,000) per customer per day on each licensed digital asset platform, in a move designed to curb money laundering. Members of the public can submit feedback on the draft rules until November 26.

Stablecoins are crypto tokens designed to hold a steady value, typically pegged to a fiat currency such as the US dollar, and are commonly used to move money between exchanges and personal wallets; Tether's USDT is a prominent example.

How the daily cap would work

The proposed 5 million baht ceiling would apply separately to deposits and withdrawals. A customer on a single licensed platform could therefore move up to 5 million baht into their account and a further 5 million baht out each day, and someone holding accounts on several Thai platforms would receive a fresh daily limit on each one. For amounts above the ceiling, the draft rules would mean splitting a transfer across multiple days or across accounts held on different licensed platforms.

Transfers between a customer's own accounts on two licensed Thai platforms would fall outside the cap. Both platforms involved, however, would be required to comply with the Travel Rule, which obliges them to share information identifying who is sending and who is receiving the funds.

According to Stablecoin Insider, the restrictions would mainly affect people sending stablecoins from licensed Thai platforms to foreign exchanges or to crypto wallets they control themselves.

Only verified personal wallets permitted

The plan would also restrict who customers can send stablecoins to and receive them from. Deposits and withdrawals would only be allowed through accounts or wallets confirmed to be the customer's own, and transfers to or from third parties would be prohibited.

Licensed platforms would be required to verify their customers and monitor how money moves through their services. They would also need to identify accounts used for illegal payments and use blockchain tools to track transfers linked to suspicious wallets. Thailand's SEC additionally wants to ensure customers are not moving more money than their income and financial circumstances would suggest.

However, the rules would not apply when people send crypto directly to one another without going through a licensed platform.

New rules for market makers and brokers

The proposal also introduces new requirements for crypto exchanges and brokers. Exchanges would have to name the market makers they work with and disclose which cryptocurrencies they help customers trade. Market makers provide liquidity that makes it easier for people to buy and sell crypto.

Brokers, meanwhile, would no longer be allowed to use outside firms to help with trading between stablecoins and the Thai baht. Trades arranged by brokers and dealers outside exchanges would have to be worth at least 3 million baht (about $88,500), and their prices would have to be made public.

Transactions excluded from the daily limit

Several transaction types would not be affected by the cap. These include transfers companies make for their own business operations, trades carried out by market makers, and payments or refunds for new token sales conducted through SEC-approved ICO platforms, a fundraising format in which projects sell newly issued tokens to the public. Certain transactions approved by the Bank of Thailand would also fall outside the limit.

Building on the September consultation

Thailand's SEC first asked for public views on the proposed rules on September 11, 2026, according to Stablecoin Insider. The latest plan keeps the main provisions but adds one change: people who use stablecoins to buy new tokens through SEC-approved ICO platforms would not face the daily cap, and the same applies to refunds from those sales. In effect, such payments would not count toward their normal daily limit.

The Thailand SEC said the rules are intended to stop people from using crypto for money laundering, online crimes, or illegal cross-border money transfers. Thai authorities have already taken steps to address these problems, including using analytical tools to look for unusual USDT trades.

The new rules are slated to take effect 60 days after the final announcement. Until that announcement, the consultation remains open, with feedback accepted through November 26.