Thailand SEC Seeks to Cap Stablecoin Transfers at $151K a Day

Thailand's Securities and Exchange Commission (SEC) is moving to tighten oversight of stablecoin flows, proposing a daily transfer cap of 5 million baht (about $151,000) per customer at each licensed digital asset operator. The SEC approved the consultation principles on Sept. 3. Under the draft framework, stablecoin transfers into and out of an operator must be conducted only between wallets or accounts verified as belonging to the customer. Third-party transfers would be banned. Transfer limits would be tailored to each customer's verified income and financial profile. Transfers between Thailand-supervised operators that comply with the Travel Rule would be exempt from the cap. Certain business transfers carried out by operators and entities authorized by the Bank of Thailand would also be exempt. The consultation is open through Sept. 25, 2026, and the rules are not yet final. The proposal follows concerns raised by the Bank of Thailand in July 2026 over abnormal trading volumes involving Tether's USDT, with the central bank warning that stablecoins could be used to bypass standard banking disclosure requirements. The SEC's approach also aligns with Thailand's upcoming Travel Rule regime for digital assets, which is scheduled to take effect on Feb. 27, 2027, and would require operators to share originator and beneficiary information for transactions. If adopted, the third-party transfer ban would significantly narrow common practices such as exchange-routed peer-to-peer payments and multi-entity treasury arrangements. The income-verification component would add a further layer of KYC, requiring users not only to prove identity but also to substantiate the financial basis for the transfer activity they conduct.