Thailand SEC Draft Sets Separate $148,000 Stablecoin Caps

Thailand’s Securities and Exchange Commission (SEC) issued a draft that would cap stablecoin deposits and withdrawals at about $148,000 each per customer per day, alongside wallet controls and trading requirements for regulated crypto operators.

Each limit would be 5 million baht and apply separately to deposits and withdrawals at each operator. Customers would have to use accounts or wallets verified as their own, and the draft would prohibit stablecoin transfers between third-party wallets.

Operators would have to collect and share transfer information under the Travel Rule. They would also use blockchain analytics to identify wallet addresses associated with suspicious activity. The SEC said the measures aim to curb money laundering, cybercrime and efforts to evade cross-border money-transfer rules.

The draft would require exchanges to disclose their market makers and the assets for which they provide liquidity. Brokers could not use liquidity providers for stablecoin-baht trading pairs, and some over-the-counter transactions would have a 3 million baht minimum.

The proposal follows a September consultation on stablecoin transfer limits and stronger oversight of digital asset operators.