Thailand SEC Proposes Restrictions on Stablecoin Transfers to Enhance Compliance

Thailand's Securities and Exchange Commission (SEC) has introduced a proposal that would impose stringent restrictions on stablecoin transfers, requiring that all transactions be conducted solely between accounts verified as belonging to the same customer. This measure, which is currently in the consultation stage, aims to enhance compliance and mitigate risks linked to money laundering and cybercrime.

Under the proposed framework, which was approved on September 3, stablecoin transfers through licensed digital asset operators would be capped at 5 million baht (approximately $151,000) per day. The SEC has indicated that these limits will be calibrated according to each customer's verified income and financial status, with a complete prohibition on third-party transfers.

The SEC's proposal follows a notable increase in stablecoin transaction volumes, particularly involving Tether's USDT, which raised concerns about potential circumvention of banking regulations. The new rules would also require that the value of stablecoin transfers aligns with the customer's financial profile.

While the proposal includes exemptions for certain business transfers and transactions between compliant operators, it marks a significant shift in how stablecoins can be utilized within Thailand's regulated framework. The public consultation period is open until September 25, 2026, and until final rules are established, these restrictions remain proposals.

This initiative is part of a broader regulatory framework, including the Travel Rule, which requires digital asset operators to verify the identities of transfer parties and maintain compliance with financial regulations. The Travel Rule is set to take effect on February 27, 2027.