Thailand SEC Seeks 5 Million Baht Daily Cap on Stablecoin Transfers to Private Wallets

How the transfer cap would work

The draft framework would apply to inbound and outbound stablecoin transfers handled by licensed digital asset businesses in Thailand when those transfers involve an external wallet or a foreign digital asset operator. The ceiling would be set at 5 million baht for deposits and 5 million baht for withdrawals, calculated separately for each customer at each operator each day.

The SEC’s dollar conversion is indicative and may change with the baht. The agency has framed the limit as part of a broader effort to tighten controls around higher-risk stablecoin movement outside the domestic regulated system.

Same-name verification for deposits and withdrawals

The consultation also proposes a same-name rule for stablecoin transfers. Licensed operators would be allowed to accept stablecoin deposits only from an account or wallet verified as belonging to their customer, and withdrawals would have to be sent only to another account or wallet verified under that same customer’s name.

In practice, that would block transfers between a customer’s account at a regulated platform and a third party’s wallet. Sending stablecoins from someone else’s wallet into a customer’s exchange account would be prohibited, and customers would not be able to withdraw directly from a licensed operator to another person’s wallet.

To support the rule, Thai operators would need procedures to verify ownership before processing transactions and would also need to comply with Travel Rule requirements. The proposal says businesses should classify customers, screen account information and check whether a wallet may be linked to mule accounts, watchlists or other high-risk activity.

Monitoring tools and compliance expectations

The SEC’s draft would require blockchain analytics or comparable monitoring systems to trace digital asset flows and detect connections to high-risk wallets. The compliance burden would therefore extend beyond basic identity checks to ongoing transaction monitoring.

The restriction specifically covers transfers involving private wallets and foreign operators, areas the regulator appears to view as more exposed to illicit finance and control evasion. The measures remain proposals and could still be revised after the consultation period closes.

Who would be exempt and what else is in the draft

Not all transfers would face the 5 million baht ceiling. Transfers between accounts held at Thai-regulated digital asset operators would be exempt when both firms comply with the Travel Rule. Separate exemptions are also proposed for businesses moving stablecoins through accounts in their own names for commercial use, institutions supervised by the Bank of Thailand with central-bank authorization, and qualifying market makers providing liquidity in stablecoin-baht pairs.

The consultation goes beyond wallet transfers. Off-platform trades handled by digital asset brokers and dealers would require a minimum value of 3 million baht, while brokers would have to publish digital asset trading prices on their platforms.

Licensed exchanges would also need to disclose the names of market makers and the assets for which they provide liquidity. The draft calls for screening of asset origins and transaction purposes, limits brokers’ liquidity provision to stablecoin-baht activity, and requires disclosures to clients on liquidity providers and conflicts of interest. Similar standards would apply to source exchanges used by brokers.

Next step after the consultation

Comments can be submitted through the Thai SEC website, the government’s legal consultation portal and the channels listed by the regulator until Sept. 25. After reviewing feedback, the SEC may revise, delay or drop parts of the proposal.

If adopted, the proposed rules covering stablecoin transfers, market makers, liquidity providers, source exchanges and off-platform transactions would take effect 60 days after the resulting notification becomes effective.