Thailand’s Securities and Exchange Commission (SEC) has put forward specific numbers for the stablecoin rules it opened for public consultation on November 12: a draft proposal to cap stablecoin deposits and withdrawals at 5 million baht (about $148,000) each per customer, per day, at every regulated operator, TokenPost reported on November 14. The two limits are counted separately, so a customer could deposit up to 5 million baht and withdraw up to 5 million baht on the same day.
Under the draft, customers could only send stablecoins to an operator from an account or wallet verified as their own, and withdraw only to an account verified under the same name — transfers involving someone else’s wallet would be barred. Operators would have to screen customers, follow the Travel Rule, trace funds with blockchain-analysis tools and check for links to blacklisted wallets, with inflows and outflows expected to match a customer’s income and financial circumstances. The caps would not apply to transfers between a customer’s own accounts at SEC-regulated operators, to transfers through operators’ own business accounts, or to Bank of Thailand-approved stablecoin models, among other listed exceptions. For over-the-counter trades, the draft sets a separate minimum of 3 million baht (about $89,000), with operators required to disclose transaction prices.
The draft also covers market makers and liquidity providers, who would need anti-money-laundering controls and could not be based in jurisdictions that do not implement Financial Action Task Force recommendations. The SEC’s stated aim is to prevent digital assets from being used for money laundering, cybercrime or bypassing international remittance rules; public comments on the draft are due November 26.
References
TokenPost – Thailand SEC Draft Caps Stablecoin Deposits and Withdrawals at $148,000 Each
