Thailand Proposes $148K Daily Stablecoin Transaction Limit
Regulators aim to curb money laundering through strict new wallet ownership verification requirements.
1New Daily Transaction Caps
Thailand's Securities and Exchange Commission has proposed a daily limit of 5 million baht, approximately $148,000, for both stablecoin deposits and withdrawals. This cap applies individually to each regulated crypto operator. The regulator announced this draft on Thursday, aiming to tighten oversight on digital asset movements within the local financial ecosystem.
2Strict Wallet Ownership Rules
The proposed regulations mandate that crypto operators must verify that customers own the specific wallets used for deposits and withdrawals. Transfers to or from third-party wallets will be strictly prohibited under these new rules. This measure is designed to ensure full traceability of funds and prevent unauthorized cross-border money transfers.
3Combating Financial Crimes
The SEC stated that these stringent rules are intended to curb money laundering, cybercrime, and attempts to bypass existing cross-border transfer regulations. By requiring proof of ownership, the regulator seeks to eliminate anonymous transactions. This move aligns with broader efforts to monitor digital asset flows and enhance overall national financial security.
4Travel Rule and Analytics
Crypto service providers must comply with the Travel Rule, which necessitates the collection and sharing of information regarding transfers. Furthermore, operators are required to utilize blockchain analytics tools to identify wallets linked to suspicious activities. These technical requirements aim to provide authorities with better visibility into potentially illicit digital asset transactions.
5Liquidity Provider Restrictions
The draft regulation requires crypto exchanges to publicly name their market makers and identify the specific assets for which they provide liquidity. Additionally, crypto brokers will be barred from utilizing liquidity providers for stablecoin-baht trading pairs. These measures target increased transparency in how liquidity is managed within the Thai crypto market.
6Off-Platform Trade Thresholds
Certain off-platform trades will be subject to a minimum transaction value of 3 million baht. This threshold is part of the SEC's comprehensive framework to monitor large-scale movements that occur outside standard exchange order books. Such rules ensure that significant transactions remain within the purview of regulated financial oversight and reporting.
7Regulatory Consultation Context
This proposal follows a public consultation held in September, during which the SEC initially suggested stablecoin transfer limits and tighter oversight of operators. The current draft reflects the regulator's commitment to refining these policies based on previous feedback. It represents a continued push toward formalizing the regulatory environment for digital assets.
8Broader Enforcement Strategy
This initiative is part of a wider crackdown on unlicensed activities, including the planned blocking of Bitget in December due to unlicensed trading. By enforcing these caps and verification standards, Thailand is positioning itself to exert greater control over its digital economy, prioritizing regulatory compliance over unrestricted access to global crypto platforms.