Thailand proposes same-owner stablecoin transfers and daily caps
Thailand's Securities and Exchange Commission opened consultation on November 12, 2026 on rules restricting stablecoin transfers to same-owner accounts and imposing daily limits.
The proposed rules would require digital asset business operators to verify that stablecoin transfers occur only between accounts and wallets confirmed to belong to the same customer. Additionally, separate inbound and outbound limits of 5 million baht per customer per day would be imposed at each operator, though certain transfers and business activities would be exempt.
These requirements are still proposals that have not taken effect. The SEC states they are intended to prevent money laundering, cybercrime and circumvention of international money-transfer regulations. The regulator had consulted on the principles in September and says it incorporated comments and recommendations when drafting the notification now open for public comment.
Same-owner verification requirements
Operators would have to verify ownership of accounts and wallets on both sides of a stablecoin transfer. A wallet sending stablecoins into a customer's operator account must belong to that customer, as must a wallet receiving a withdrawal. The SEC explicitly states: "Transfers of stablecoins from or to an account or wallet belonging to another person are prohibited."
The consultation distinguishes between transfers involving a customer's accounts at overseas operators or private wallets versus transfers between the customer's accounts at Thai operators. Customers using private wallets for deposits or withdrawals would face the same-owner verification requirement at the operator boundary.
Transfers must also comply with the Travel Rule and related requirements. Operators would profile customers, screen for mule accounts, and monitor persons and wallets at risk of involvement in illegal transactions. Blockchain analytics tools would be used to trace digital asset movements and identify connections to high-risk wallets.
Daily limits and exemptions
The daily ceiling applies separately to incoming and outgoing stablecoins, measured per customer at each operator. Transfer values must also be commensurate with the customer's source of income and financial position. The proposed limit is subject to that customer-specific financial assessment, rather than an automatic entitlement to transfer the full amount.
Transfers between the same customer's accounts at SEC-supervised operators would be exempt from the daily ceiling if both the sending and receiving operators comply with the Travel Rule. This exemption applies only to the transfer limit; the announcement maintains the requirement to verify account and wallet ownership separately.
Customers that are digital asset operators would also qualify for an exemption from the daily limit. So would operators transferring stablecoins into or out of accounts held in their own names for business purposes.
Market maker and broker rules
The draft exempts customers that are market makers for stablecoin/Thai baht trading pairs, covering cases where market makers must transfer stablecoins through SEC-supervised operators to perform their liquidity-provision function. Subscriptions and subscription refunds for digital tokens approved by the SEC would also qualify for exemption.
Exchanges would have to publish market makers' names and the digital assets for which they provide liquidity on their websites. They would also screen, monitor and review market-maker activities to establish sources of digital assets and transaction purposes.
Digital asset brokers would be prohibited from using liquidity providers for stablecoin/Thai baht transaction pairs. Broker liquidity providers could not be located in jurisdictions lacking anti-money-laundering measures or not applying Financial Action Task Force recommendations. Brokers would have to disclose providers' names and conflicts of interest to customers.
Implementation timeline
The consultation questionnaire proposes a 60-day transition period for the stablecoin, market-maker, liquidity-provider, source-exchange and off-platform requirements. The English announcement provides no specific calendar implementation date. Public comments on the proposed rules close on November 26, 2026.
The package also addresses operators that fail to collect and disclose required information to the SEC. The regulator could order an operator to rectify noncompliance or take necessary action within a specified period to meet those requirements.
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