Thailand Proposes Stablecoin Transfer Restrictions

Thailand's Securities and Exchange Commission (SEC) is considering new regulations that would significantly alter how stablecoins are transferred through licensed crypto firms. The proposed rules, currently in a consultation phase, mandate that stablecoin deposits into a customer's account must originate from a wallet verified as belonging to that same customer. Similarly, withdrawals would only be permitted to a verified wallet owned by the customer.

This "same-owner" requirement would effectively prohibit users from receiving stablecoins from or sending them to another individual's wallet when using a regulated Thai digital asset operator. The restrictions, however, would not apply to peer-to-peer transfers conducted entirely outside these supervised platforms. The SEC stated the measures are a response to the rapid growth in stablecoin transaction volumes, particularly for USDT, and concerns over potential links to money laundering and cybercrime.

In addition to the ownership rule, the proposal includes daily transfer caps of 5 million baht per person, per operator, for both inbound and outbound stablecoin transactions. Exemptions to these caps are outlined for certain inter-operator transfers compliant with the Travel Rule, specific business transfers, and authorized market makers. The SEC aims to enhance the integrity of digital asset transactions and prevent their misuse for illicit financial activities.