Thailand opens consultation on tighter stablecoin transfer rules

The biggest change for users would be proof of wallet ownership

Under the proposal, a customer could deposit stablecoins with a licensed Thai digital asset operator only from an account or wallet verified as belonging to that customer. Withdrawals would follow the same rule: the destination account or wallet would also have to be the customer's own. Transfers from another person's wallet, or withdrawals directly to a third party's wallet, would not fit the proposed framework.

The verification would go beyond matching a name. The SEC says operators should apply Travel Rule requirements, customer profiling and screening for mule-account or illegal-transaction risks, while using blockchain analytics to identify links to high-risk or watchlisted wallets. Transfer values would also need to be consistent with the customer's income source and financial position.

The draft sets separate daily limits of THB 5 million per customer with each operator for inbound and outbound stablecoin transfers. That is not presented as a universal cap on all digital-asset trading; it specifically addresses transfers of stablecoins into and out of customer accounts through supervised operators.

For practical context, see Thailand economy and finance. This development also connects with Thailand Moves Toward Tighter Stablecoin Transfer Rules.

Transfers inside the supervised system receive different treatment

The THB 5 million limit would not apply when a customer moves funds between accounts held with Thai digital asset operators supervised by the SEC, provided both the sending and receiving operators comply with the Travel Rule. The consultation also lists targeted exemptions for digital asset operators themselves, certain Bank of Thailand-supervised businesses approved to use stablecoins under a specified model, and qualifying market-maker activity involving stablecoin/baht pairs.

The proposal also reaches larger transactions executed outside the normal platform order book. Off-platform services offered by digital asset brokers or dealers would be limited to transactions worth at least THB 3 million, with transaction prices disclosed for customers to verify. Brokers would not be allowed to directly arrange an off-platform trade between two customers, although they could facilitate matching through licensed digital asset exchanges.

For market infrastructure, the SEC wants exchanges to disclose their market makers and the assets for which they provide liquidity. Brokers would face stronger due diligence and ongoing monitoring requirements for liquidity providers and source exchanges, including checks on regulatory oversight, anti-money-laundering controls and the origin and purpose of digital assets used in those relationships.

The consultation remains open until 25 September

The SEC Board approved the supervisory principles on 3 September and the detailed public consultation followed on 11 September. Comments are being accepted until 25 September 2026. The consultation process can still change the final wording, limits or exemptions, so users should not treat the draft as an existing restriction on their accounts.

For people who routinely move USDT or other stablecoins through licensed Thai services, the direction is nevertheless clear. A future regime along these lines would make wallet ownership, source-of-funds consistency and transaction history more important before a transfer reaches the operator. Users whose transfers already move between their own verified accounts may face more documentation and screening, while flows involving third-party wallets would be affected much more directly if the proposal is adopted substantially as written.