Thailand’s proposed stablecoin limits would cap daily transfers at 5 million baht
Thailand’s Securities and Exchange Commission (SEC) is reportedly considering separate daily limits of 5 million baht for stablecoin deposits and withdrawals at each regulated crypto operator, along with tighter checks on wallet ownership and market intermediaries. These are proposals, not rules in force. The details should be checked against the SEC’s official notice and draft.
- Reported limits: 5 million baht per customer, per day, per operator for deposits and separately for withdrawals.
- Transfers between a customer’s accounts at regulated operators could be exempt if both meet the stated Travel Rule condition.
- The proposal would also tighten checks on wallets, market makers, liquidity providers and certain off-platform trades.
- The reported public-comment deadline is Nov. 26, 2026. The date and detailed provisions need confirmation against an SEC notice.
A proposed cap, not a system-wide allowance
The reported SEC draft would cap stablecoin deposits at 5 million baht per customer per day at each regulated operator. Withdrawals would have a separate 5 million baht daily limit. Transfer values would also need to match a customer’s income and financial position.
“At each operator” is an important distinction. The reported wording does not set one combined allowance across every platform a customer might use. Available details don’t explain how the limits would work across multiple operators or how stablecoin transfers would be valued in baht.
The SEC reportedly announced the proposal on Nov. 12, after incorporating feedback from a September consultation into the draft. The reported comment period ends Nov. 26, 2026. Those dates, like the proposed limits, should be checked against the regulator’s official materials. The available details do not establish an effective date.
Wallet ownership would become a central check
Under the reported terms, operators would have to check that stablecoins deposited into a customer’s account came from a wallet or account belonging to that customer, and that withdrawals went to one belonging to the same customer. Transfers through an operator from or to another person’s wallet would be prohibited.
This is a proposed restriction on transfers through regulated operators, not necessarily a blanket ban on all peer-to-peer crypto transfers. The draft’s exact wording would determine how the rule applies to self-hosted, shared or custodial wallets. Available details don’t say what evidence or methods operators would need to establish ownership.
Operators would also profile and screen customers, use blockchain analytics to trace asset movements, and check for connections to high-risk or watchlisted wallets, mule accounts and people linked to potentially illegal transactions. Blockchain analysis can help trace funds, but it cannot, on its own, prove who controls a wallet or why a transfer took place.
Exemptions for some transfers and token activity
The reported proposal would exempt transfers between a customer’s own accounts at SEC-supervised operators if both operators comply with the Travel Rule. That framework generally requires covered financial institutions and virtual-asset service providers to collect and transmit specified information about a transfer’s originator and beneficiary. The exact Thai requirements and exemption conditions need to be checked in the official text.
Other reported exemptions include digital-asset operators transferring stablecoins for business purposes through accounts in their own names; businesses supervised by the Bank of Thailand that have specific approval to use stablecoins; and market makers handling stablecoin-baht trading pairs, including transfers through regulated operators needed to provide liquidity.
Qualifying activity involving SEC-approved digital-token offerings would also be exempt. This includes subscriptions, refunds, repayment of invested capital and returns from holding tokens. If a subscription failed, the token portal would need a way to return payments to customers’ accounts at regulated operators.
These exceptions could matter as much as the headline limits. Their practical effect would depend on how the final rules define eligible activity and how operators verify and monitor it.
More checks on market makers and liquidity providers
Under the reported draft, exchanges would disclose market makers’ names and the assets for which they provide liquidity. They would also screen and monitor market makers, including checking where their digital assets came from and the purpose of their transactions.
The proposal reportedly treats market makers and liquidity providers differently. Brokers could not use liquidity providers for stablecoin-baht trading pairs. For other services, providers would need anti-money-laundering controls, regulatory oversight and acceptable safeguards for assets. Providers could not be based in jurisdictions that lack measures or implementation of Financial Action Task Force recommendations.
Brokers would disclose liquidity providers and conflicts of interest, monitor providers’ funding sources and transactions, and screen the exchanges they use. Those exchanges would need supervision from a competent regulatory authority.
What the proposed off-platform rules would cover
The reported draft sets a 3 million baht minimum transaction size for brokers and dealers offering off-platform services. This is not a general minimum for crypto trades. It applies to the specific broker and dealer services described in the proposal.
Firms offering those services would publish trading prices on their websites or platforms. Brokers could not arrange off-platform trades directly between customers, but they could arrange for customer orders to be matched on exchanges in Thailand or overseas. The draft’s wording will determine the exact scope of “off-platform services” and the price-disclosure requirements.
The SEC could reportedly order operators to fix failures to collect or disclose required information within a specified period. Available details do not say what penalties or other consequences might apply.
Cross-border digital money is a separate policy track
Thailand is also involved in BLOOM, a public-private initiative that the Monetary Authority of Singapore (MAS) describes as work to advance cross-border use of digital money. MAS lists the Bank of Thailand and Bank Negara Malaysia among the initiative’s central-bank participants, and Circle and Coinbase among its existing participants.
BLOOM explores areas such as cross-border acceptance and settlement, interoperability between digital-money arrangements, and programmable controls such as identity checks, sanctions screening and transaction controls. Its scope includes regulated stablecoins and tokenized deposits, which are bank deposits represented in digital-token form.
MAS describes BLOOM as an initiative to develop approaches and arrangements, not as proof of a live cross-border settlement service. Its work on institutional cross-border uses of digital money is separate from the SEC proposal’s reported rules for domestic crypto intermediaries. BLOOM participation does not confirm the details or status of those proposed rules.
Tighter controls could make it harder to use crypto transfers for money laundering or to evade financial reporting requirements. They could also raise costs and add friction for legitimate customers, while prompting questions about privacy and how accurately operators can verify wallet ownership. Whether the safeguards are proportionate will depend on the final wording and how consistently operators apply them.
Key questions and answers
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Are the proposed limits in force?
No. They are described as draft measures, and the available details do not establish an effective date.
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What limits are proposed?
Separate daily limits of 5 million baht for deposits and withdrawals per customer at each regulated operator. Check the SEC’s official text for the exact calculation and coverage.
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Could customers transfer between their own accounts?
The reported proposal would exempt transfers between a customer’s accounts at SEC-supervised operators if both comply with the stated Travel Rule condition.
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Would transfers involving another person’s wallet be allowed through an operator?
The reported terms would prohibit transfers through an operator from or to another person’s wallet. The draft’s exact scope and ownership-verification requirements need confirmation.
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What is the proposed minimum for off-platform services?
3 million baht for the broker and dealer services specified in the reported draft. It is not a general minimum for crypto trades.
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When would the rules take effect?
The available details do not establish an effective date. The reported consultation deadline is Nov. 26, 2026, and should be verified through an official SEC notice.
The main open questions are how the SEC would define covered transfers and wallets, apply exemptions, and coordinate limits across operators. Until the official text settles those points, the proposed figures and requirements should not be treated as final rules. U.S. crypto regulation offers another example of how proposed rules and regulatory processes can unfold across jurisdictions.
