Thailand SEC Proposes $148,000 Daily Stablecoin Cap

Thailand’s Securities and Exchange Commission proposed a 5 million baht (about $148,000) daily cap on retail clients’ stablecoin deposits and withdrawals for each service provider, according to The Block’s Nov. 13 report.

For a Thai retail client, the rule would touch both sides of a day’s activity. Deposits and withdrawals would each fall under the proposed ceiling.

The proposal would also restrict stablecoin transfers to accounts or wallets held in the same person’s name. It would ban transfers to wallets registered under another person’s name.

“The proposal is intended to prevent money laundering, cybercrime and illegal overseas remittances involving digital assets,” the SEC said.

That gives the consultation a specific regulatory objective. Its measures target how regulated firms assess customers, move funds and monitor wallet activity.

What changes for retail stablecoin users?

If adopted, users would need to plan daily funding and withdrawal activity around that ceiling. The Nov. 13 report did not specify whether limits would be aggregated across multiple providers. It also gave no implementation date.

The same-name rule would separately determine which accounts or wallets can receive a transfer. The test concerns registration, not transaction size. A client could stay below the monetary threshold and still encounter a prohibited transfer if the recipient wallet carried another person’s name.

For users, the proposal creates two operating constraints: a daily funding ceiling and a matching-name destination requirement for covered transfers.

The per-provider language matters for firms serving clients with accounts at more than one exchange. Each operator would need to apply the reported ceiling within its own platform. The Nov. 13 report did not explain how balances across providers should be treated.

Operators face the heavier control burden

Digital-asset operators would have to verify customers’ income and financial standing. They would also need to determine whether transactions were consistent with that financial profile.

They would use blockchain analytics tools to check for links to high-risk wallets. This adds wallet-level screening to the proposed customer checks.

For regulated platforms, the checks create a combined control burden. Firms would have to connect transaction-size monitoring, wallet-risk screening and customer financial records. Controls would need to identify limit breaches and prohibited transfers.

The Nov. 13 report did not specify analytics vendors, risk-scoring thresholds or a reporting cadence. Those implementation details would shape how firms build the required checks.

The proposal stops short of every on-chain transfer

The rules would not apply to person-to-person on-chain transactions outside regulated service providers. Direct wallet transfers would therefore sit outside this service-provider framework.

The same-name prohibition would not function as a blanket rule for every self-custody transfer. Instead, the reported restrictions center on activity handled by regulated providers.

Some exceptions would also apply to transfers between exchange accounts held in the same name and to transactions by market makers.

The report did not say whether those exceptions cover the daily cap, the transfer restriction or both. That ambiguity matters for exchanges and market makers whose workflows differ from ordinary retail activity.

The next fixed point is Nov. 26

Public comments on the proposal will be accepted through Nov. 26. Until then, the measures remain a consultation rather than operative requirements.

The next fixed point is the Nov. 26 deadline. The report gave no adoption date, implementation timetable or enforcement schedule, so any move to enforceable limits remains unstated.