Thailand’s stablecoin proposal would block transfers to other people’s wallets

The Thailand Securities and Exchange Commission (SEC) has opened a public consultation on a draft rule that would require stablecoin transfers made through licensed digital‑asset operators to originate from and be sent to wallets verified as belonging to the same customer.

Same‑owner requirement

Under the proposed principle, a stablecoin deposit must come from an account or wallet that the operator can confirm belongs to the receiving customer, and a withdrawal must be sent to a wallet verified as the customer’s own. Transfers from or to another person’s wallet would be prohibited when using a SEC‑supervised platform.

Scope and limits

The restriction applies only to transactions that pass through licensed operators. Peer‑to‑peer transfers conducted entirely off‑platform would not be affected.

Transfer caps and exemptions

• Daily inbound and outbound transfers are capped at 5 million baht per person, per operator.
• The cap does not apply to transfers between customer accounts that comply with the Travel Rule.
• Exemptions include certain operator business transfers, Bank of Thailand‑authorized operators, and stablecoin/baht market makers.

Relation to existing Travel Rule

The Travel Rule, set to take effect on 27 February 2027, already obliges operators to collect party information and verify ownership of self‑hosted wallets. The new same‑owner test would add a stricter condition for transfers that cross the boundary of a licensed platform.

Consultation timeline

The SEC launched the consultation on 11 September, with comments due by 25 September 2026. No effective date has been announced, and the proposal remains non‑binding until final rules are issued.