Thailand Proposes $148,000 Daily Stablecoin Caps

Thailand’s Securities and Exchange Commission proposed separate daily limits of 5 million baht ($148,000) per customer for stablecoin deposits and withdrawals at each regulated crypto operator.

In a Thursday, Nov. 12, announcement, the SEC said the limits would apply independently. A customer could deposit up to 5 million baht and withdraw up to 5 million baht per day at each operator. The draft rules are intended to reduce money laundering, cybercrime and attempts to bypass cross-border money-transfer controls.

The rules would bar stablecoin transfers to and from third-party wallets. Crypto operators would have to verify that customers own the bank accounts or wallets used for deposits and withdrawals.

Operators would also have to follow the Travel Rule, which requires crypto service providers to collect and share information about transfers. They would need to use blockchain analytics to identify wallets linked to suspicious activity.

Crypto exchanges would have to disclose their market makers and identify the assets for which those firms provide liquidity. Crypto brokers would be barred from using liquidity providers for stablecoin-to-baht trading pairs.

Certain off-platform trades would have a minimum value of 3 million baht. The SEC has not provided a date for the rules to take effect.

The proposal follows a consultation held in September on stablecoin transfer limits and tighter oversight of crypto operators.

Reviewed and fact-checked by Alex Panasenko on November 12.