Thailand’s Securities and Exchange Commission (SEC) has proposed rules that would restrict stablecoin transfers to other people’s wallets through licensed crypto firms. The proposal is not yet in force and remains open to public comment, meaning its terms could change before the regulator adopts any final rule.

Proposed restrictions on stablecoin transfers

The Thailand SEC, which oversees the country’s licensed digital asset businesses, approved the principles for the proposal on September 3, 2026. It opened a public consultation on September 11 and will accept comments through September 25, 2026. The regulator’s announcement is available on its official website.

Stablecoins are cryptocurrencies designed to maintain a relatively stable value, typically through a peg to a currency such as the U.S. dollar. Under the proposed rules, the wallet sending a deposit and the wallet receiving a withdrawal would both have to belong to the same customer. Transfers to or from another person’s wallet would be expressly prohibited through the affected firms.

The proposal also includes daily limits on stablecoin transfers. Inbound transfers would be capped at 5 million baht per day per person, per operator, while outbound transfers would be subject to a separate 5 million baht daily cap on the same basis.

Proposed daily stablecoin transfer caps

• Inbound: ฿5 million per day
• Outbound: ฿5 million per day
• Basis: Separate limits per person and per licensed digital asset operator

Transfer values would also have to be consistent with a customer’s stated source of income and financial position. The SEC said it acted after observing strong growth in stablecoin activity, particularly involving Tether (USDT), as well as transaction patterns associated with money-laundering and cybercrime risks.

The proposal is separate from Thailand’s earlier crypto Travel Rule work, although the measures address related compliance concerns. A separate, finalized Travel Rule is scheduled to take effect on February 27, 2027, according to CryptoSlate. That date applies to the Travel Rule, not to the proposed stablecoin restrictions.

Firms and transfers covered by the proposal

The proposed rules would apply to licensed crypto firms, referred to as digital asset business operators. They would not constitute a nationwide ban on holding or using stablecoins in Thailand.

Wallet ownership is central to the proposal. Stablecoin transfers conducted through a supervised firm would generally have to begin and end in wallets owned by the same customer, rather than in a wallet belonging to another person. This would directly restrict sending stablecoins to a friend or other third party through a licensed Thai exchange or similar operator.

The available information does not fully explain how transfers to a customer’s own external wallet would be treated in every situation. It establishes an ownership requirement but does not specify all of the verification procedures firms would have to use.

Some transactions would be exempt from the proposed value caps. According to the SEC, these include certain transfers involving an operator’s business activities, transfers by Bank of Thailand-supervised operators authorized to use stablecoins, and qualifying stablecoin-to-baht transfers involving market makers. The exemptions concern the value caps and do not clearly remove the separate requirement that the relevant wallets belong to the same customer.

The consultation also addresses off-platform trading. It proposes a minimum transaction value of 3 million baht for brokers and dealers, requires trading prices to be published, and would prohibit brokers from arranging off-platform customer-to-customer trades. Brokers would also be barred from using liquidity providers for stablecoin-to-baht transactions.

Outstanding questions

Several details remain unresolved. The SEC has not provided an effective date for the proposed stablecoin restrictions, so the timing of any implementation is unknown. The final scope of the rules, along with any additional exceptions, could also change during the public-comment period. The September 25 comment deadline is the next stated procedural milestone, but it does not by itself mean the restrictions will take effect on that date.

It is likewise unclear how licensed firms would establish wallet ownership and exactly what information they would be required to verify. The available information does not confirm potential penalties, compliance workarounds, or the SEC’s next steps after comments close.

If adopted, the proposal would restrict transfers of stablecoins to a friend’s or another third party’s wallet through a Thai licensed exchange. It would also subject qualifying transfers to the proposed daily caps. Until the SEC finalizes the measure, however, these remain proposals under review rather than requirements in force.

The proposal is separate from Thailand’s parallel work on retail Bitcoin and Ethereum exchange-traded fund rules, which addresses a different part of the digital-asset market.

Source: CoinLineup

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always conduct your own research before making decisions.