Thailand’s Securities and Exchange Commission (SEC) has opened a public consultation on new stablecoin regulations, proposing strict limits on stablecoin transfers through regulated digital asset operators. The consultation is available through the SEC’s official website and remains open until September 25, 2026, after which the final rules will be confirmed. Because the measures are still proposed principles, their practical effect will depend on the final rules adopted after the consultation.

Under the draft principles, stablecoin deposits and withdrawals would be permitted only between accounts or wallets verified as belonging to the same customer. The measure would effectively ban transfers to or from another person’s wallet.

The proposal would establish a daily transfer limit of 5 million Thai baht, or approximately $150,000, per person and per operator. The limit would apply separately to inbound and outbound transfers. According to the proposal, the cap is intended to ensure that transfer values remain consistent with customers’ declared income and financial standing.

The limit would not apply to transfers between customers of Thai-regulated operators that both comply with the Travel Rule. It would also exclude certain business customers, including licensed operators, market makers handling stablecoin/Thai baht pairs, and operators regulated by the Bank of Thailand that have received specific approval to use stablecoins in their business operations.

Broader Measures Target Money Laundering, Off-Platform Trading and Liquidity Providers

Beyond the transfer restrictions, the SEC’s framework addresses several other areas of digital asset oversight. Customer wallets on both sides of a transaction would need to meet Travel Rule requirements, including customer classification, screening against mule accounts and wallets linked to illegal activity, and the use of blockchain analytics tools to trace asset movements and identify connections to flagged or watchlisted wallets.

The regulator said the measures are intended to reduce risks associated with money laundering, cybercrime, and the circumvention of cross-border fund transfer rules.

The consultation also proposes rules for off-platform transactions conducted by digital asset brokers and dealers. Such transactions would need to have a minimum value of 3 million baht, while trading prices would have to be disclosed publicly on the operator’s website or platform to improve transparency and price verification.

Brokers would be prohibited from conducting off-platform transactions directly between customers. However, they could act as intermediaries by routing customer orders through a licensed digital asset exchange.

Additional provisions would tighten oversight of market makers and liquidity providers. Exchanges would be required to publish the names of market makers and the digital assets for which they provide liquidity. They would also have to enhance screening and continuously monitor market-maker behavior to establish the origins of assets and the true purpose of transactions.

For brokers, liquidity providers would be prohibited for stablecoin/baht trading pairs and could not be based in jurisdictions that lack Financial Action Task Force-compliant anti-money laundering measures. Brokers would also be required to disclose their liquidity providers and any conflicts of interest to customers.

Finally, the principles would strengthen the SEC’s supervisory powers. The regulator could order operators that fail to properly collect and report required information to rectify the situation within a specified period and could take additional action if compliance is not achieved.

The SEC’s official consultation notice is available at: