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Thailand’s Securities and Exchange Commission has proposed capping stablecoin deposits and withdrawals at 5 million baht per customer per day at each regulated crypto operator, applying the limit to inbound and outbound transfers separately, according to crypto.news. The draft, announced Nov. 12, 2026, follows a September consultation and is now open for public comment.
Cointelegraph reported the same figure represents roughly $148,000 per day per direction. Both outlets describe the same core intent: curbing money laundering, cybercrime, and attempts to move value around international transfer rules.
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Key facts
- The draft sets a 5 million baht daily cap on stablecoin deposits and a separate 5 million baht cap on withdrawals per customer at each regulated operator, per crypto.news.
- Cointelegraph reported the cap is equivalent to about $148,000, applied separately to deposits and withdrawals.
- Transfers between a customer’s own accounts at SEC-supervised operators are exempt if both firms comply with the Travel Rule, per crypto.news.
- The draft would bar stablecoin transfers to and from third-party wallets, with operators required to verify that customers own the accounts or wallets they use, per Cointelegraph.
- Public comments on the draft are open until Nov. 26, 2026.
Own-wallet verification and blockchain screening
Under the proposal, deposits would have to come from a wallet or account verified as belonging to the customer receiving the funds, and withdrawals would have to reach a wallet or account verified as belonging to that same customer. Sending stablecoins to another person’s wallet, or receiving them from one through an operator, would be prohibited.
Operators would pair those checks with customer profiling and screening. The draft calls for blockchain analytics to trace asset movements and flag connections to high-risk or watchlisted wallets, along with checks for mule accounts and people tied to potentially illegal transactions. Cointelegraph notes operators would also have to comply with the Travel Rule, which requires crypto service providers to collect and share information about transfers.
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crypto.news reported the rules follow a September consultation, with feedback folded into the proposed notification. It also noted that scrutiny of stablecoin flows predates this draft: in July, the Bank of Thailand and the SEC began examining high-value stablecoin transactions, with local reporting citing concerns about unusual USDT activity.
Exemptions and market maker disclosure
The draft carves out several exemptions beyond own-account transfers. Digital asset operators moving stablecoins for business purposes through accounts in their own names would qualify, as would businesses supervised by the Bank of Thailand with specific approval to use stablecoins. Market makers handling stablecoin-baht pairs would also be eligible, including transfers through regulated operators needed to provide liquidity, per crypto.news. Qualifying subscriptions and refunds for SEC-approved digital token offerings are covered too, including a mechanism for token portals to return payments to customers’ accounts if a subscription fails.
On the exchange side, crypto.news reported that exchanges would have to publish market makers’ names and identify the assets for which they provide liquidity, then screen and monitor those firms to establish where assets come from and why transactions occur. Cointelegraph reported the same disclosure requirement. Brokers would be barred from using liquidity providers for stablecoin-baht pairs, and off-platform trades would carry a 3 million baht minimum transaction size, with prices published on firms’ websites or platforms.
Brokers using providers for other services would need anti-money-laundering controls, regulatory oversight, and asset-safeguarding arrangements, and providers could not be based in jurisdictions lacking implementation of Financial Action Task Force recommendations. The SEC’s draft would let it order operators to correct failures in collecting or disclosing required information within a set period, crypto.news reported.
Why it matters
The proposal would change how everyday stablecoin users in Thailand move funds, since the 5 million baht ceiling applies per operator rather than across the market, and the own-wallet rule closes off transfers to third parties through regulated venues. For exchanges and brokers, the market maker disclosure and liquidity-provider restrictions add a compliance layer on top of existing Travel Rule obligations. The caps also land as Thailand works on cross-border settlement separately: the Bank of Thailand joined Singapore’s BLOOM initiative in October alongside Malaysia’s central bank, with Circle and Coinbase among existing participants, per crypto.news.
What to watch
The comment window closes Nov. 26, 2026, after which the SEC will weigh feedback before issuing a final notification. Comments can be submitted through the SEC website, Thailand’s Legal Hub, or the designated consultation email addresses, according to crypto.news.
Sources: crypto.news, Cointelegraph
