Thailand's Securities and Exchange Commission (SEC) has proposed capping daily stablecoin deposits and withdrawals at 5 million baht ($147,750) per customer, per licensed cryptocurrency operator, as part of an effort to combat money laundering and illicit financial activity.

Stablecoins are cryptocurrencies designed to track the value of reference assets such as the US dollar, and they are widely used for trading and for moving value between platforms and across borders — a profile that has made the flow of these tokens a growing focus of anti-money-laundering oversight.

The draft framework would also restrict customers to transferring stablecoins only between accounts or wallets registered under their own identities. Independent peer-to-peer transfers carried out directly on the blockchain would fall outside this permitted arrangement, according to the SEC's announcement.

Transfer Limits and Verification Requirements

Under the proposed requirements, licensed cryptocurrency operators would need to assess whether customer transactions are consistent with the income sources and financial circumstances each customer has declared. Platforms would also be required to comply with the Travel Rule — an anti-money-laundering standard developed by the Financial Action Task Force that requires virtual asset service providers to share originator and beneficiary information for covered transfers — strengthen customer screening, and monitor transactions involving potentially suspicious wallets.

The SEC additionally expects operators to use blockchain analytics tools to identify links between transactions, high-risk wallet addresses, and individuals under regulatory scrutiny. The measures are intended to strengthen oversight of stablecoin movements and reduce the risk of money laundering, cybercrime, and unauthorized international transfers.

The proposed daily limit would include exemptions for certain activities. These cover legitimate business transactions, transfers between accounts belonging to the same customer, stablecoin market makers, certain token offerings, and investor refunds. Transactions authorized by the Bank of Thailand would also be excluded from the restriction.

The proposal follows a public hearing held in September, during which the SEC examined approaches to strengthening supervision of stablecoin activity conducted through licensed digital asset operators.

Market Maker Disclosure Requirements for Exchanges

The SEC's proposal extends beyond stablecoin transfer limits. Cryptocurrency exchanges would be required to disclose their market makers and identify the digital assets for which those providers supply liquidity. Operators would also need to strengthen screening procedures to assess potential financial risks associated with liquidity providers.

Brokers would face additional restrictions on using liquidity providers for stablecoin trading pairs involving the Thai baht. Certain off-platform transactions between brokers and dealers would be subject to a minimum value of 3 million baht ($88,528). Businesses conducting those transactions would be required to disclose execution prices, giving regulators additional visibility into trading activity taking place outside exchange platforms.

Public Consultation Open Until November 26

Separately, Thai authorities have increased scrutiny of unusual USDT transactions, applying financial data analytics to identify activity that could indicate money laundering.

The SEC has invited public feedback on the proposed regulations, with November 26 set as the deadline for submissions. The regulator will review the responses before determining the final rules governing stablecoin activity on licensed cryptocurrency platforms, meaning the final scope of the daily cap, the wallet registration requirements, and the disclosure obligations will hinge on that review.

If adopted, the framework would introduce tighter controls over customer transfers, identity verification, liquidity providers, and trading disclosures within Thailand's regulated digital asset sector.

Reporting by Marcus Renfield, cryptocurrency market analyst and on-chain writer.

Source: Hokanews