Thailand’s Securities and Exchange Commission (SEC) has launched a public consultation on a new regulatory framework for stablecoin transfers after its Board approved the draft principles on September 3. The proposal calls for strict verification of deposit and withdrawal accounts or wallets, requiring that all transactions be linked to accounts verified in the customer’s name. Both incoming and outgoing transfers at SEC-supervised digital asset operators would be capped at five million baht per day, equivalent to approximately $151,000 for each user and operator.
Digital asset operators face stricter verification
The new rules focus on stablecoin activity conducted through platforms supervised by the SEC, rather than on peer-to-peer transactions that bypass regulated operators. Under the draft, customers could only deposit stablecoins from, or withdraw to, wallets or payment accounts verified as their own. Operators would need to set up procedures to ensure this direct link before processing any fund movement.
The central requirement aims to prevent customers from sending or receiving tokens using wallets belonging to other individuals. It would block withdrawals to family members, business partners, employees, or unrelated third parties through a licensed platform. However, it specifically excludes direct wallet-to-wallet transfers that do not engage a regulated Thai firm.
To comply, operators must reliably identify and verify all linked wallets and accounts, adding a new layer of compliance to their operations. Platforms would be responsible for confirming that each address involved in a deposit or withdrawal matches the registered customer profile before authorizing any transaction.
This requirement is part of a wider move by authorities to address risks related to money laundering, cybercrime, and illicit cross-border transfers. The SEC indicated that the focus is on strengthening customer due diligence and making it more difficult for unauthorized third-party payments to be funneled through exchange accounts.
Deposits and withdrawals must go to accounts verified as belonging to the customer, not to a third party. This is designed to strengthen customer due diligence and prevent money laundering through regulated digital asset operators.
Mini dictionary: Thailand SEC, the primary financial regulator overseeing securities, exchanges, and digital asset operators in Thailand.
Transfer cap and potential waivers
The five million baht cap applies independently to incoming and outgoing transfers per user and per operator. Customers may therefore be subject to both an inbound and outbound limit each day at every licensed provider. These maximums are also tied to the user’s income and financial background, as outlined in the draft.
An important exception exists for transfers between regulated digital asset operators in Thailand. If both operators successfully implement the Travel Rule – an international standard requiring transmission of specific originator and beneficiary information for qualifying digital asset transfers – then the normal transfer cap may be waived. Thailand plans to implement Travel Rule requirements on February 27, 2027.
Mini dictionary: Travel Rule, an anti-money laundering requirement under global standards that mandates exchanges and other financial institutions to share customer details for certain transfers of digital assets.
Additional carve-outs in the proposal allow for certain business transfers involving operators and institutions authorized by the Bank of Thailand. These carve-outs are intended to maintain existing institutional payment routes without exposing ordinary retail users to the same level of regulatory risk.
| Transfer type | Daily limit | Exemption condition |
|---|---|---|
| Personal wallet to verified personal wallet | 5 million baht ($151,000) | None |
| Operator to operator (with Travel Rule) | No cap | Both comply with Travel Rule |
| Special business transfer (Bank of Thailand) | Case-specific | Authorization required |
Implementation timeline and public consultation
The SEC has not specified an effective date for the proposed wallet verification requirement. The public consultation period is open until September 25, with stakeholders encouraged to comment on the draft regulations. If approved, operators will need to establish detailed procedures for wallet verification and documentation, with specifics to be confirmed later as the final text evolves.
Overall, the proposed rules are designed to strike a balance between regulatory control and the operational needs of Thailand’s digital asset sector. The SEC’s process allows time for feedback and refinement before any new standards are enforced across the country’s regulated digital asset operators.
