Thailand's Securities and Exchange Commission (SEC) has opened a public consultation on new requirements for stablecoin activity within the country's regulated digital asset market. Stablecoins are digital assets designed to hold a stable value, typically through a peg to a fiat currency, and are widely used to move value between trading venues, wallets, and counterparties. The draft notification, opened for public comment on November 12, sets out measures designed to reduce money laundering, cybercrime, and the use of digital assets to bypass international money transfer regulations (official SEC announcement).

The proposal centers on daily stablecoin transfer caps, verification that sending and receiving wallets belong to the same customer, and tighter governance of market makers, liquidity providers, and off-platform transactions operated by crypto operators. The measures would apply to stablecoin deposits, withdrawals, and related trading activity across regulated digital asset operators in Thailand.

5 Million Baht Daily Cap on Stablecoin Transfers

Under the draft notification, stablecoin transfers into and out of a customer's account at any regulated digital asset operator would each be capped at 5 million baht per day. Amounts above the cap could not move in a single day, so customers transferring larger sums would need to spread transactions across multiple days or fall within one of the exemptions set out below. The SEC also wants the value of assets transferred to be consistent with customers' reported income and financial status.

Stablecoins would not be able to be deposited into or withdrawn from other customers' accounts or wallets. It would need to be certain that the sending and receiving accounts are used by the same customer.

The proposal would also introduce transfer requirements to comply with the Travel Rule — the Financial Action Task Force standard requiring service providers to transmit originator and beneficiary information alongside customer fund transfers — and customer screening. Operators would need to monitor for suspicious activity on mule wallets, meaning accounts used to receive and relay illicit proceeds, and wallet numbers, and follow wallet transactions and connections to high-risk or watch-listed addresses using blockchain analytical tools.

Transfers between accounts belonging to the same customer at SEC-supervised operators would not count toward the daily limitation where both operators abide by the Travel Rule. Other exemptions would include digital asset operators, authorized entities under the Bank of Thailand, key market makers for stablecoins, and subscriptions and repayment of digital tokens.

Tighter Oversight of Market Makers and Liquidity Providers

The proposal also targets intermediaries engaged in crypto trading. Market makers and liquidity providers supply the quotes and tradable inventory behind exchange order books, placing them at the core of day-to-day trading on these platforms. Digital asset exchanges would be required to disclose the names of market makers and list the assets for which liquidity is offered. They would also be subject to more intensive screening and continuous monitoring to determine their sources of funds and uses of funds.

Digital asset brokers would have to list the liquidity providers of the digital assets and any potential conflicts of interest. The draft would ban liquidity providers for trading stablecoin/Thai baht pairs. Such providers are subject to proper regulation and must implement anti-money laundering and counter-terrorist financing procedures.

New Requirements for Source Exchanges and Off-Platform Trades

Competent regulatory authorities would also be placed in charge of, and carry out better monitoring of, the source exchanges used by brokers.

Off-platform transactions — trades executed outside an exchange's public order book — would require a transaction value of at least 3 million baht, with trading prices to be disclosed on the websites or platforms of brokers and digital asset trading dealers. Brokers would be unable to make direct customer-to-customer trades, but they would be allowed to direct orders to exchange platforms in Thailand and abroad.

Consultation Open Until November 26, 2026

The SEC said the draft follows a September 2026 consultation and incorporates feedback from market participants. Because this draft already reflects earlier industry input, the caps, disclosure duties, and thresholds set out above remain subject to further revision until a final notification is issued. The consultation remains open until November 26, 2026, and how the SEC weighs the responses — whether the 5 million baht cap, the disclosure requirements, and the off-platform minimums carry into the final rules unchanged or are adjusted first — is the key development to watch.

Source: Crypto Ninjas