Thailand Implements Crypto Travel Rule for Transfers

Thailand's Securities and Exchange Commission (SEC) is set to implement a comprehensive "Travel Rule" for cryptocurrency transfers, aiming to enhance transparency and prevent illicit activities. The new regulation, effective February 27, 2027, mandates that supervised digital asset platforms collect and transmit detailed information about both the sender and receiver of crypto transactions.

This rule requires licensed exchanges and service providers to gather identifying data for customers and their counterparties for all coin transfers. For transactions exceeding 30,000 Thai baht (approximately $820 USD), additional information, including the recipient's location and, for entities, their registration number, will be required. The SEC has provided a significant lead time of over two years for operators to adapt their systems for data exchange and verification.

The regulation also addresses transfers originating from self-hosted or private wallets into regulated platforms. In such cases, the platform must verify the user's control over the wallet, particularly for transactions above the 30,000 baht threshold. All transaction-related records must be maintained for a minimum of five years, aligning Thailand's approach with international standards for financial transaction monitoring.