Thailand’s Securities and Exchange Commission (SEC) has proposed new draft rules that would cap daily stablecoin deposits and withdrawals at 5 million baht, or about $148,000, per customer at each regulated digital asset operator. Published on November 12, 2026, the proposal is intended to prevent stablecoins from being used for money laundering, cybercrime and the circumvention of international money transfer regulations. The rules follow an initial consultation in September and remain open for public comments until November 26, 2026.
Key limits and exemptions Under the proposal, the 5 million baht limits would apply separately to incoming and outgoing transfers, rather than as one combined daily allowance. Operators would also have to ensure that transaction values correspond to a customer’s income and financial position. Exemptions include transfers between a customer’s own accounts at SEC-supervised operators, provided both follow the Travel Rule, as well as certain Bank of Thailand-approved businesses, qualifying market makers and approved digital token offering transactions.
Wallet ownership and third-party restrictions The draft would prohibit stablecoin deposits from third-party accounts or wallets and withdrawals directed to wallets belonging to another person. Operators would be required to verify wallet ownership, screen customers and counterparties, and use blockchain analytics to detect links to suspicious or high-risk addresses. These provisions build on earlier monitoring by the Bank of Thailand and the SEC, which in July examined high-value USDT transactions over concerns that stablecoins were bypassing conventional remittance channels.
Exchanges, brokers and liquidity providers Licensed exchanges would have to publicly identify their market makers and the digital assets they support, while monitoring those market makers’ asset origins and transaction purposes. Brokers would be barred from using liquidity providers for stablecoin-to-Thai-baht trading pairs. Other liquidity providers would face additional eligibility requirements covering anti-money laundering controls, asset security, regulatory supervision and compliance with Financial Action Task Force standards. The draft also sets a 3 million baht minimum for certain off-platform broker and dealer trades, with price publication obligations.
The proposal follows Thailand’s March 2025 approval of USDT and USDC for trading on regulated local exchanges, though that approval did not exempt transactions from anti-money laundering requirements or the proposed transfer limits. If approved, the rules could impose significant compliance costs on Thai crypto operators and change how stablecoins move between exchanges and external wallets. The proposal does not yet have an implementation date, and market participants have until November 26 to submit comments before the SEC considers revisions.
