Thailand proposes stablecoin transfer caps for crypto operators
Thailand is tightening oversight of stablecoin activity as regulators seek to limit illicit flows through licensed crypto platforms. The proposed framework sets separate daily caps on deposits and withdrawals and adds wallet verification, transfer monitoring and market-making disclosure requirements.
Highlights
- Thailand's SEC proposes daily stablecoin deposit and withdrawal caps of 5 million baht (about $148,000) per customer at each regulated crypto operator.
- Draft rules would ban stablecoin transfers to and from third-party wallets and require operators to verify wallet ownership, comply with the Travel Rule, and deploy blockchain analytics.
- Regulations mandate exchanges to disclose market makers, brokers to avoid liquidity providers for stablecoin-baht pairs, and set a 3 million baht minimum for certain off-platform trades.
Proposed limits and compliance requirements
As reported by Cointelegraph, citing Thailand’s Securities and Exchange Commission, the draft rules would cap daily stablecoin deposits and withdrawals at 5 million baht, about $148,000, each per customer at every regulated crypto operator.The limit would apply separately to deposits and withdrawals at each operator. The regulator says the measures are intended to curb money laundering, cybercrime and efforts to bypass cross-border money transfer rules.
Under the proposal, stablecoin transfers to and from third-party wallets would be banned. Operators would also need to verify that customers own the accounts or wallets used for deposits and withdrawals, comply with the Travel Rule and use blockchain analytics to identify wallets linked to suspicious activity.
Broader oversight of Thailand’s crypto market
The draft also requires crypto exchanges to disclose their market makers and specify the assets for which they provide liquidity. Crypto brokers would be barred from using liquidity providers for stablecoin-baht pairs, while certain off-platform trades would face a minimum size of 3 million baht.The proposal follows a consultation in September in which the SEC outlined stablecoin transfer limits and tighter supervision of crypto operators. The move adds to a broader regulatory push in Thailand’s digital asset sector, including planned action against unlicensed trading platforms.
As we noted earlier, global cybersecurity funding surged in Q3 as larger late-stage rounds lifted total capital despite fewer deals.
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