Thailand SEC Proposes 5 Million Baht Daily Stablecoin Caps
In this article
Thailand’s Securities and Exchange Commission on November 12, 2026 released a draft notification proposing a daily cap of 5 million baht (about $148,000) on each customer’s stablecoin deposits and withdrawals at every licensed digital asset operator, counted separately for incoming and outgoing transfers. The regulator said the draft is meant to stop stablecoins being used for money laundering, cybercrime and workarounds of international money-transfer rules, as reported by Ambcrypto.
Own-wallet verification replaces open transfers
The proposal narrows what customers can do with stablecoins at licensed venues. Deposits would have to come from an account or wallet verified as belonging to the customer, and withdrawals would have to reach a wallet verified to the same person. Sending funds to someone else’s wallet, or receiving them from one through an operator, would be barred.
Operators would back those checks with customer profiling, blockchain analytics to trace asset movements, watchlist screening and detection of mule accounts. The wallet-ownership and Travel Rule requirements build on a September proposal covering the collection, verification and retention of transfer information, crypto.news noted.
Exemptions are laid out for several cases: transfers between a customer’s own accounts at two SEC-supervised operators where both comply with the Travel Rule; operators moving stablecoins for business purposes through accounts in their own names; Bank of Thailand-supervised businesses with specific approval to use stablecoins; market makers handling stablecoin-baht pairs; and qualifying subscriptions and refunds for SEC-approved digital token offerings.
Exchanges, brokers and liquidity providers face new duties
Licensed exchanges would have to publish the names of their market makers and the assets for which those firms supply liquidity, then screen and monitor them, including the origin of their digital assets and the purpose of their transactions. Brokers would be barred from using liquidity providers for stablecoin-to-baht pairs, and any overseas providers would need AML controls, regulatory oversight and no base in jurisdictions that do not implement Financial Action Task Force recommendations.
For off-platform services, the 3 million baht minimum would come with price-publication obligations on websites or platforms. Brokers could no longer arrange trades directly between customers, though they could route customer orders to exchanges in Thailand or abroad. The SEC would also be able to order operators to fix failures in collecting or disclosing required information within a set period.
The reports differ in emphasis rather than substance. Ambcrypto frames the 5 million baht figure as a single daily transfer limit, whereas crypto.news specifies that the cap is applied separately to deposits and withdrawals. PANews, citing Finance Feeds, puts the limit at roughly $148,000 and highlights the ban on third-party wallet transfers; neither Ambcrypto nor crypto.news gives that dollar conversion.
Why it matters
Stablecoins are the main bridge between crypto markets and local currency for many Thai traders, so capping deposits and withdrawals per operator changes how large balances can move in and out of exchanges on any given day. The rules would also push compliance costs onto operators, which must now trace wallet ownership and vet the market makers and liquidity providers behind their order books.
The timing is notable. In July, the Bank of Thailand and SEC began examining high-value stablecoin transactions, with local reporting citing concerns about unusual USDT activity and transfers that might sidestep financial reporting requirements, crypto.news reported. Thailand is also participating in cross-border settlement work through Singapore’s BLOOM initiative, which the Bank of Thailand joined alongside Malaysia’s central bank in October, with Circle and Coinbase among existing participants.
What to watch
The consultation closes on November 26, 2026, and the SEC’s final notification will show how much of the industry feedback from September survived. Watch whether the regulator sets an effective date and whether the own-wallet and market-maker provisions are softened before the rules are issued.
Frequently Asked Questions
Does the 5 million baht limit apply to all my stablecoin transfers combined?
No. The cap applies separately to incoming and outgoing stablecoin transfers, per customer, at each regulated operator. Moving funds between your own accounts at two SEC-supervised operators may be exempt if both firms comply with the Travel Rule.
Can I still send stablecoins to a friend’s wallet through a Thai exchange?
Under the draft, no. Deposits must come from wallets verified as belonging to the customer and withdrawals must go to the same customer’s verified wallet, so third-party transfers through licensed operators would be prohibited.
What is the 3 million baht threshold in the proposal?
It is the proposed minimum transaction size for brokers and dealers arranging off-platform trades, who would also have to publish trading prices and could not match customers directly with each other.
When does the consultation close and when could the rules take effect?
Feedback runs until November 26, 2026, through the SEC website, Thailand’s Legal Hub and designated email addresses. The sources do not state an effective date for the final notification.
Sources: AMBCrypto, crypto.news, PANews
