Thailand proposes $148K daily cap on stablecoin deposits and withdrawals
Thailand's Securities and Exchange Commission (SEC) has proposed capping daily stablecoin deposits and withdrawals at 5 million baht ($148,000) per customer at regulated crypto operators.
The proposed limits would apply separately to deposits and withdrawals at each operator. The regulator announced these measures on Thursday, stating they aim to curb money laundering, cybercrime, and attempts to bypass cross-border money transfer rules.
The draft would prohibit stablecoin transfers to and from third-party wallets. Crypto operators would be required to verify that customers own the accounts or wallets they use for transactions.
Verification Requirements
Operators must comply with the Travel Rule, which mandates collecting and sharing information about transfers. They would also need to use blockchain analytics to identify wallets linked to suspicious activity.
Crypto exchanges would be required to name their market makers and identify the assets for which they provide liquidity. Crypto brokers would be barred from using liquidity providers for stablecoin-baht pairs.
Trading Restrictions
Certain off-platform trades would be subject to a minimum of 3 million baht. The draft follows a September consultation in which the SEC initially proposed stablecoin transfer limits and tighter oversight of crypto operators.
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