Thailand's Securities and Exchange Commission (SEC) has proposed a new set of rules to regulate stablecoin transactions conducted through licensed digital asset operators. Stablecoins are cryptocurrencies designed to maintain a stable value, typically by pegging to fiat currencies such as the US dollar. The draft notification, announced on November 12, is designed to prevent cryptocurrencies and stablecoins from being used for money laundering, cybercrime, or to bypass regulations governing international money transfers.

The update came soon after a public consultation held in September, during which the regulator collected feedback from industry participants. The SEC has since incorporated that input into the latest draft and is seeking further public comments until November 26. For Thailand's licensed digital asset operators and their customers, the draft would translate the regulator's anti-money-laundering priorities into specific day-to-day operating requirements.

A 5 Million Baht Daily Limit per Customer

One of the key proposals would introduce a daily transfer limit of 5 million Thai baht per customer at each regulated digital asset operator. The limit would apply separately to incoming and outgoing stablecoin transfers, and the value of these transactions must be consistent with the customer's declared income and financial position. That condition ties how much a customer can move to the financial profile they have declared, rather than applying a uniform allowance regardless of circumstances.

The draft includes one notable exemption: transfers between a customer's own accounts at two SEC-supervised operators would fall outside the limit, provided both operators follow the Travel Rule, an international standard that requires virtual asset service providers to share sender and recipient information for transfers.

Stronger Wallet Ownership Verification

At the same time, the SEC wants to strengthen verification of wallet ownership. Under the proposal, customers would be able to deposit stablecoins from their own verified wallets and withdraw them to wallets registered in their names. The effect is to keep on-platform balances tied to wallets that verifiably belong to the account holder.

Operators would also be required to follow the Travel Rule, analyze their customers, identify suspicious accounts, and track transactions connected to high-risk wallets. Together, these requirements are intended to make it harder for criminals to move illicit funds through regulated platforms.

Stricter Obligations for Exchanges and Brokers

The proposal also introduces stricter responsibilities for exchanges and brokers. Under the draft rules, exchanges would have to publicly disclose their market makers and the digital assets for which they provide liquidity. Brokers, meanwhile, would be prohibited from using liquidity providers for stablecoin-to-Thai baht trading pairs.

Brokers and dealers offering off-platform transactions would face a minimum transaction threshold of 3 million baht and would have to publish trading prices for transparency. Brokers would also no longer be allowed to arrange off-platform trades directly between customers. The disclosure and pricing obligations would give users a clearer view of who supplies liquidity and at what prices across licensed venues.

If adopted, the combined measures are intended to help the SEC combat crimes affecting the stablecoin ecosystem in Thailand. Comments remain open until November 26, and the feedback the SEC receives will inform the final version of the rules that licensed operators and stablecoin users would have to follow.