Thailand’s SEC would set separate daily caps for stablecoin deposits and withdrawals and require customers to use wallets they own.
The financial authority in Thailand has put forward a proposal to restrict daily stablecoin inflows and outflows to 5 million baht (equivalent to $148,000) per individual user across licensed digital asset platforms.
According to a Thursday notification from the Securities and Exchange Commission (SEC) of Thailand, this restriction would function independently for both deposits and withdrawals at every individual trading platform. The regulator explained that these measures are designed to mitigate illicit financial flows, digital fraud, and efforts to evade international remittance regulations.
Under the proposed framework, sending stablecoins to or receiving them from external third-party wallets would be prohibited. Platform operators would be mandated to confirm that users hold full ownership of the accounts and digital wallets utilized for moving funds.
Furthermore, service providers would need to adhere to the Travel Rule—mandating that virtual asset service providers gather and transmit transaction details—as well as employ on-chain surveillance tools to flag addresses associated with illicit behavior.
The regulatory text also mandates that digital asset exchanges publicly disclose their market makers along with the specific tokens they support for liquidity. Meanwhile, digital asset brokers would be prohibited from utilizing liquidity providers for trading pairs involving stablecoins and the Thai baht. Additionally, certain transactions conducted outside of standard order books would enforce a minimum threshold of 3 million baht.
This latest regulatory framework succeeds a public comment period from September, during which the SEC initially introduced potential restrictions on stablecoin transactions alongside heightened supervision for crypto firms.
Originally published at https://cointelegraph.com/news/thailand-tighter-stablecoin-rules-crypto-exchange?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
