Thailand SEC Draft Caps Stablecoin Deposits at $148,000 Per Day

Thailand's Securities and Exchange Commission has drafted rules that would cap stablecoin deposits and withdrawals at roughly $148,000 each per customer per day, part of a broader push to tighten oversight of the country's regulated digital asset operators.

The limit works out to 5 million baht per customer per day, and it applies separately to deposits and withdrawals at each operator. That structure matters: a customer could deposit 5 million baht and withdraw another 5 million baht on the same day at the same platform without breaching either cap.

The draft goes well beyond simple ceilings. Customers would have to transact through accounts or wallets verified as their own, and the rules would ban stablecoin transfers between third-party wallets outright. For operators, the obligations stack up quickly.

• Collect and share transfer information under the Financial Action Task Force's Travel Rule
• Deploy blockchain analytics to flag wallet addresses linked to suspicious activity
• Disclose market makers and the specific assets they provide liquidity for

The SEC said the measures target money laundering, cybercrime and attempts to evade cross-border money-transfer rules — a framing that puts Thailand's draft in line with a wider regional drift toward transaction-level surveillance of stablecoin flows rather than exchange-level licensing alone.

What changes for brokers and OTC desks?

The trading requirements cut into how operators structure their businesses. Brokers would be barred from using liquidity providers for stablecoin-baht trading pairs, which could force them to route that flow differently or internalize it. Some over-the-counter transactions would carry a 3 million baht minimum — roughly $89,000 at current rates — effectively pushing smaller OTC activity onto exchange order books.

Disclosure rules for exchanges would peel back a layer of opacity around market making. Requiring platforms to name their market makers and the assets those makers support gives regulators, and competitors, visibility into how liquidity is actually manufactured on Thai venues.

This isn't the first pass at the issue. The draft follows a September consultation that floated stablecoin transfer limits and stronger oversight of digital asset operators. The new proposal appears to be the concrete result of that process, converting consultation-stage concepts into specific numbers, verification duties and prohibitions.

Why the wallet restrictions matter most

The prohibition on third-party wallet transfers is the operationally heaviest item in the package. Verified-ownership requirements and transfer bans constrain how businesses use stablecoins for treasury movement, vendor payments and cross-border settlement — the exact use cases stablecoins are best at. Operators will need to build or buy address-attribution tooling, and blockchain analytics vendors stand to gainmandated demand from every licensed platform in the market.

For exchanges, the market-maker disclosure requirement creates a compliance and commercial tension: naming liquidity partners is straightforward, but it also exposes commercial relationships competitors can target.

Regulated operators now face a waiting period. The draft will move through Thailand's consultation and finalization process before the caps, Travel Rule obligations and trading restrictions take effect, and firms handling stablecoin-baht volume should expect to rework transfer workflows and liquidity arrangements before the rules land in force.