Thailand SEC Proposes Stablecoin Transfer Restrictions

Thailand's Securities and Exchange Commission has proposed new rules for stablecoin transfers that would require deposits and withdrawals through licensed digital asset operators to be made to or from a wallet or account verified as belonging to the customer. The proposal, which is currently in a public consultation phase, aims to address risks associated with money laundering, cybercrime, and the circumvention of international money transfer rules. Under the draft framework, a stablecoin transfer could only reach a customer's account from that customer's verified wallet or payment account. An operator would need to establish this connection before accepting a deposit. A withdrawal would follow the same test, going only to a wallet or account verified as belonging to the customer who requested it. This would effectively prohibit a customer from receiving tokens from another person's external wallet through a licensed platform, or sending stablecoins to another person's wallet via such a platform. The proposal sets separate daily transfer limits of 5 million baht (approximately $151,000) for both inbound and outbound stablecoin transfers per customer per operator.