Thailand’s SEC proposes a 5 million baht daily stablecoin limit with third-party wallets off limits

Thailand’s Securities and Exchange Commission (SEC) has proposed capping stablecoin deposits and withdrawals at 5 million baht (about $148,000) a day per customer at each licensed operator, and barring transfers to wallets the customer does not own. The draft, announced on November 12, 2026, is open for public comment and is not yet in force.

Stablecoin regulation would set separate deposit and withdrawal limits

The central proposal would impose a daily limit of 5 million Thai baht per customer at each regulated digital asset operator.

Incoming and outgoing stablecoin transfers would be assessed separately. The proposal therefore does not describe a single combined allowance covering both directions.

The limit would also apply at the operator level. As presented in the report, it is not a single nationwide cap aggregating a customer’s activity across every licensed platform.

Under the proposed stablecoin regulation, transaction values would still need to be consistent with a customer’s declared income and financial position. Staying below the numerical ceiling would not remove that separate assessment.

The distinction is significant for compliance: operators would need to consider both the transfer amount and whether it fits the customer’s financial circumstances.

The supplied report does not identify an implementation date. For now, the SEC is seeking responses to the draft before the consultation closes.

Transfers between verified personal accounts would receive an exemption

The stablecoin regulation proposal includes an exception for transfers between a customer’s own accounts at two SEC-supervised operators.

Those transfers would be exempt from the daily limit provided both operators comply with the Travel Rule. The exemption is therefore conditional on the type of transfer, the ownership of the accounts and the compliance of the participating platforms.

It should not be read as a general exemption for every transfer between regulated businesses. The source specifically describes movements between accounts belonging to the same customer.

The SEC also proposes stronger verification of wallet ownership. Customers would deposit stablecoins from their own verified wallets and withdraw them to wallets registered in their names.

These provisions would bring wallet identity into the transfer process, alongside the monetary restrictions. The stablecoin regulation package consequently addresses both how much customers can move and the ownership of the wallets involved.

The report does not detail the verification methods operators would be required to use or how disputed ownership information would be handled.

Stablecoin regulation expands monitoring and disclosure duties

Licensed operators would also have to comply with the Travel Rule, analyse customer activity, identify suspicious accounts and monitor transactions linked to high-risk wallets.

The SEC’s stated aim is to make it more difficult for criminals to move illicit funds through regulated platforms. The monitoring requirements would complement the proposed transfer ceiling rather than rely on transaction size alone.

The stablecoin regulation draft also introduces responsibilities specific to exchanges and brokers.

Exchanges would have to publicly disclose their market makers and identify the digital assets for which those firms provide liquidity. That requirement would give users more information about the businesses supporting trading activity.

Brokers, meanwhile, would be prohibited from using liquidity providers for stablecoin-to-Thai baht trading pairs.

These are distinct proposals affecting different operator categories. The exchange disclosure requirement concerns transparency around market-making arrangements, while the broker restriction concerns the use of liquidity providers in the specified trading pairs.

Off-platform trades would face a 3 million baht minimum

Brokers and dealers offering off-platform transactions would face a separate minimum transaction threshold of 3 million baht.

That figure serves a different purpose from the proposed 5 million baht daily transfer ceiling. One establishes a minimum size for the specified off-platform transactions; the other limits customer stablecoin transfers through regulated operators.

The stablecoin regulation proposal would also require brokers and dealers conducting those transactions to publish trading prices, adding a transparency obligation to the minimum-size requirement.

Brokers would no longer be permitted to arrange off-platform trades directly between customers.

Taken together, the measures would change several parts of the regulated market: customer transfers, wallet verification, transaction monitoring, liquidity arrangements and off-platform dealing.

The next step is the public consultation closing on November 26. Until the SEC finalises its approach, the stablecoin regulation package remains a draft whose proposed limits and operational requirements are open to further feedback.