Thailand is preparing tighter oversight of stablecoin transfers

The August discussion has moved into rulemaking

The 7 August meeting focused on the risk that stablecoin transfers could be used for money laundering, technology-related crime or to circumvent rules governing international money transfers. At that point, the SEC and the Bank of Thailand were gathering feedback from digital-asset operators and developing measures that could be applied in practice.

There have been two material developments since then. First, on 2 September the SEC issued its separate Travel Rule for Digital Assets. It requires regulated operators to collect information about customers and counterparties, transmit originator and beneficiary information with transfers, conduct due diligence and verify ownership or control of self-hosted wallets. Those regulations are scheduled to take effect on 27 February 2027.

Second, the SEC Board approved additional supervisory principles specifically covering stablecoin transactions on 3 September. The SEC opened a public consultation on those principles on 11 September, with comments accepted until 25 September 2026. The stablecoin-specific measures therefore remain proposals at the time of writing.

What the proposed stablecoin controls would change

The proposed framework would require stablecoins transferred into or out of a customer’s account with a regulated digital-asset operator to come from, or go to, an account or wallet verified as belonging to that customer. In practical terms, the proposal would restrict transfers between a customer’s account and third-party wallets through the regulated operator. The SEC also wants the relevant wallets to be subject to Travel Rule checks, customer profiling, risk screening and blockchain-monitoring tools.

The consultation also proposes that stablecoin transfers be consistent with the customer’s source of income and financial position. Inbound transfers and outbound transfers would each be capped at THB 5 million per day, per person, per operator. The proposed cap would not apply to transfers between customer accounts through Thai SEC-supervised operators when both sides comply with the Travel Rule, and the consultation includes additional exemptions for certain regulated businesses and market-making activity.

The package goes beyond retail wallet transfers. It also covers the supervision of market makers, liquidity providers and source exchanges used by brokers, as well as greater transparency and oversight for off-platform transactions.

Why this matters for large transfers

For people moving significant amounts through stablecoins, the direction of regulation is toward more traceability rather than an outright prohibition. Ownership of the sending and receiving wallets, the origin of funds and whether the transaction size is consistent with the customer’s financial profile are becoming more important parts of the regulated process.

The proposed THB 5 million threshold should not be treated as a current legal limit while the consultation is still open and the final rules have not been issued. The separate Travel Rule is already adopted, but it does not take effect until 27 February 2027. Anyone planning a large transaction should therefore distinguish between rules already issued, proposals still under consultation, and the operational requirements imposed by the particular licensed operator handling the transfer.