Thailand’s Securities and Exchange Commission is currently gathering feedback regarding a proposed directive intended to restrict stablecoin transfers in an effort to combat money laundering.
Revealed on Thursday, the initiative would restrict daily user deposits and withdrawals on authorized cryptocurrency platforms to 5 million baht—roughly equal to $147,750—for each provider, applicable to transfers in either direction. This proposed framework comes after a public consultation held in September regarding the oversight of stablecoin operations via authorized exchanges.
In addition to the financial cap, the proposed guidelines mandate that stablecoins can only be moved between wallets or accounts owned by the exact same individual, while banning transactions involving external wallets belonging to others. Nevertheless, these guidelines exclude direct peer-to-peer, onchain activity occurring outside of licensed trading platforms.
Additionally, the commission would mandate that platforms adhere to the Travel Rule by performing user evaluations and vetting, alongside utilizing blockchain analysis software to detect connections to flagged or high-risk addresses.
The SEC noted that the volume of stablecoins moving in and out of a user account must align appropriately with that user’s earnings and overall economic standing.
At the same time, specific movements would remain free from the 5 million baht restriction, including transactions between a user’s separate accounts on SEC-regulated venues, corporate transfers executed by platform operators for commercial needs, liquidity provider operations, and distinct transactions connected to token issuance and refunds. Certain operations cleared by the Bank of Thailand will likewise bypass the restriction.
The commission explained that these proposed guidelines are designed to stop digital currencies from getting exploited for money laundering, digital offenses, or bypassing regulations governing cross-border capital flows.
Stricter requirements
The proposal likewise puts forward extra regulations. Digital asset platforms would need to reveal the identities of their market makers as well as the coins they support, coupled with stricter background checks for those entities.
In addition, brokers would be prohibited from utilizing liquidity suppliers for stablecoin-to-baht exchange markets. Over-the-counter trades conducted by brokers and dealers must meet a baseline of 3 million baht, equivalent to $88,528, and platforms would be obligated to publish the execution rates for such agreements.
The regulator is presently accepting public feedback on the proposed notice, setting November 26 as the closing date.
This mandate expands upon prior measures already implemented by Thai officials. Previously, the nation’s financial regulator and central bank reportedly began leveraging information analytics to monitor suspicious USDT activity, serving as part of a broader campaign to eliminate vulnerabilities that facilitate money laundering and alternative shadow economy practices.
Originally published at https://www.theblock.co/news/regulation/2026-11-13-thailand-seeks-daily-stablecoin-cap-439676.
