How Would the 5 Million Baht Stablecoin Limit Work?
Under the proposal, customers could deposit up to 5 million baht in stablecoins and withdraw up to another 5 million baht per day at each regulated operator. The two limits would be calculated separately, rather than as a combined daily allowance.Transfers would also have to correspond to a customer’s income and financial position, meaning compliance checks could apply even when transactions remain below the proposed ceiling.The SEC has included several exemptions. Transfers between accounts belonging to the same customer at SEC-supervised operators would not count toward the limit, provided both operators comply with the Travel Rule.Other exemptions cover regulated digital asset businesses conducting their own operations, certain Bank of Thailand-approved businesses, qualifying market makers and specified transactions involving SEC-approved digital token offerings.The regulator would also prohibit stablecoin deposits originating from third-party accounts or wallets and withdrawals directed to wallets belonging to another person.Operators would have to verify wallet ownership, screen customers and counterparties, and use blockchain analytics to identify connections with suspicious addresses or potentially illicit transactions.The requirements build on Thailand’s existing approach to monitoring stablecoin activity. In July, the central bank and SEC examined high-value USDT transfers amid concerns about transactions potentially bypassing conventional remittance channels.
Investor Takeaway
What Changes for Crypto Exchanges and Market Makers?
The draft extends beyond customer transfers to address how exchanges obtain liquidity and supervise trading counterparties.Licensed exchanges would have to publicly identify their market makers and disclose which digital assets those firms support. They would also be responsible for monitoring market makers’ activities, including the origins of assets used to provide liquidity and the purposes of their transactions.For cryptocurrency brokers, the SEC proposes prohibiting the use of liquidity providers for stablecoin-to-Thai-baht trading pairs.Other liquidity providers would face additional eligibility requirements covering regulatory supervision, anti-money laundering controls, asset security and compliance with Financial Action Task Force standards.Brokers would also have to disclose liquidity providers’ identities and potential conflicts of interest, while applying enhanced scrutiny to external exchanges used to execute customer transactions.Separately, the draft would establish a minimum transaction value of 3 million baht for certain off-platform trades conducted by brokers and dealers. Operators would have to publish transaction prices, while brokers would be prohibited from directly arranging off-platform trades between customers.These provisions could affect how brokers source liquidity and execute large transactions, particularly where trading arrangements depend on external counterparties.
Investor Takeaway
Why Is Thailand Tightening Stablecoin Oversight?
The latest proposal follows a period of expanding cryptocurrency regulation in Thailand, combining greater access to approved digital assets with stricter controls over licensed businesses.In March 2025, the SEC approved USDT and USDC for trading on regulated local exchanges, formally permitting the two major dollar-backed stablecoins to be listed within its regulatory framework.However, permission to trade these assets does not exempt transactions from anti-money laundering requirements or the proposed limits on transfers.Thailand has also intensified enforcement against unauthorized overseas platforms. Earlier this month, the SEC filed a criminal complaint against Bitget’s operator over alleged unlicensed exchange activities and announced planned access restrictions beginning December 5.The stablecoin consultation addresses a different supervisory concern: ensuring that transactions conducted through authorized platforms remain identifiable and subject to monitoring.Its focus on wallet ownership, transaction screening and liquidity counterparties reflects the regulator’s concern that digital asset transfers could facilitate the movement of funds outside established financial controls.
What Happens Before the Rules Take Effect?
The November consultation represents a draft notification rather than an enacted regulation. The SEC has not established an implementation date for the proposed requirements.Stakeholders have until November 26 to submit comments, after which the regulator can consider revisions before proceeding with the final regulatory framework.The draft also proposes stronger supervisory powers where operators fail to provide required information. The SEC could order businesses to correct deficiencies or take specified actions to ensure complete and accurate regulatory reporting.For exchanges, brokers and institutional liquidity providers, the principal issues will be the final scope of exemptions, wallet-verification procedures and any transition period for implementing new compliance systems.