Thailand SEC Proposes 5 Million Baht Stablecoin Transfer Cap

By Elena Vasquez

Thailand’s Securities and Exchange Commission (SEC) proposed a 5 million baht daily cap on stablecoin transfers for each customer at each licensed digital asset operator, according to a draft notification announced Nov. 12. The cap would apply separately to incoming and outgoing transfers, allowing 5 million baht each way per operator per day.

It would not set one combined ceiling across all operators. Transfers between different individuals would fall within the proposed limits.

The SEC would also require transaction values to remain consistent with each customer’s declared income and financial position. A customer’s own accounts at two SEC-supervised operators would be exempt from the cap, provided both operators follow the Travel Rule. The draft presents that as an exception to the numerical limit, not a waiver of the broader operator duties.

What is the purpose of the proposal?

The SEC announced the draft after a public consultation in September that collected feedback from industry participants. It has incorporated changes from that round into the latest text.

The regulator says the rules aim to prevent cryptocurrencies and stablecoins from facilitating money laundering, cybercrime and evasion of international money-transfer regulation. Further public comments remain open until Nov. 26.

Until the SEC issues a final notification, the cap and related duties remain proposals, not operative requirements. The announcement provides no implementation date, transition period or mechanism for assessing compliance with the new limits.

How would wallet checks change?

Under the draft, customers could deposit stablecoins from wallets they own and have verified, then withdraw them only to wallets registered in their names. Licensed operators would have to follow the Travel Rule, conduct customer analysis, identify suspicious accounts and track transactions connected to high-risk wallets.

The SEC says those controls would make it harder for criminals to move illicit funds through licensed platforms. The announcement does not specify monitoring standards, high-risk-wallet criteria or how operators must resolve conflicting wallet registrations. Wallet screening would therefore become stricter on paper, but its cost and scope remain undefined.

What changes for exchanges, brokers and dealers?

The draft would also alter how licensed intermediaries disclose liquidity and execute trades. Its main requirements are:

• Exchanges would publicly disclose their market makers and the digital assets for which they provide liquidity.
• Brokers could not use liquidity providers for stablecoin-to-Thai baht trading pairs.
• Brokers and dealers handling off-platform transactions would have to meet a minimum transaction threshold of 3 million baht and publish trading prices for transparency.
• Brokers and dealers could no longer arrange off-platform trades directly between customers.

The figures operate at different intervals: 5 million baht is a daily ceiling per customer and operator for each transfer direction, while 3 million baht is a minimum size for each off-platform transaction. Exchange disclosures would identify who supplies liquidity and for which assets, while the broker restriction narrows the broker role in stablecoin-to-Thai baht pairs.

For exchanges, naming market makers and the assets they support would create a public liquidity-disclosure duty. For brokers and dealers, the 3 million baht floor and customer-matching ban would require changes to off-platform execution if adopted. The draft does not quantify the number of affected trades.

The proposal does not say whether affected brokers would withdraw stablecoin-to-Thai baht pairs or change how they source liquidity. It also provides no replacement mechanism for customer-to-customer off-platform trades that brokers and dealers could no longer arrange. Without projected volumes or implementation dates, the commercial effect cannot be calculated from the announcement.

What happens after the comment deadline?

The next fixed point is Nov. 26, when the further public-comment period closes. Any final transfer ceiling, wallet-verification standard or off-platform threshold would depend on the SEC’s review of the feedback, and the draft provides no timetable for a final notification.