Thailand SEC Proposes Daily Stablecoin Transfer Cap of 5 Million Baht

The Thailand Securities and Exchange Commission (SEC) has released a draft framework that would cap inbound and outbound stablecoin transfers involving external wallets at five million baht per customer, per operator, per day. The proposal is open for public comment until September 25, and the rules would take effect 60 days after a final notification is issued.

Key Features of the Proposed Cap

• Daily limit of five million baht (about US$151,000) on stablecoin deposits and withdrawals for each customer at each licensed digital‑asset business.
• Transfers between two Thai‑regulated operators would be exempt, provided both comply with the Travel Rule.
• Businesses, authorized institutions and qualifying market makers would receive specific exemptions.
• Transfers must be between accounts or wallets verified as belonging to the same customer; third‑party wallet transfers would be prohibited.

Verification and AML Requirements

Licensed operators would need to verify wallet ownership, classify customers, screen account information, and use blockchain analytics or comparable tools to detect high‑risk wallets, mule accounts, or watch‑list matches. These checks would complement existing Travel Rule obligations.

Exemptions and Special Cases

• Businesses moving stablecoins through accounts in their own name for commercial purposes would not face the cap.
• Institutions supervised by the Bank of Thailand could qualify on a case‑by‑case basis.
• Market makers providing liquidity for stablecoin‑baht pairs would be exempt when transfers are needed for liquidity management.

Related Off‑Platform Transaction Rules

The consultation also proposes a minimum transaction value of three million baht for off‑platform trades and requires digital‑asset brokers and dealers to publish price information. Brokers may act only as agents matching customers through an exchange, while dealers trade as principals.

Public Consultation

Stakeholders may submit comments via the Thai SEC website, the central legal consultation portal, or the email addresses listed in the notice. The SEC may revise, postpone, or abandon parts of the proposal before finalising the rules.