Thailand SEC Proposes $151K Daily Stablecoin Cap

Thailand’s Securities and Exchange Commission has proposed a daily 5 million baht, or about $151,000, stablecoin transfer cap for transactions involving external wallets and foreign platforms. The limit would apply separately to inbound and outbound transfers through each licensed digital asset operator. Under the proposed Thailand stablecoin rules, deposits and withdrawals would generally need to involve wallets or accounts verified as belonging to the same customer. Operators would have to apply the Travel Rule, screen blockchain activity and assess whether transactions match customers’ declared income and financial profiles. Transfers involving another person’s wallet could be prohibited. Transfers between Thai-regulated operators could be exempt from the Thailand stablecoin cap if both firms comply with the Travel Rule. Eligible businesses, Bank of Thailand-supervised institutions and market makers supporting stablecoin-baht liquidity could also qualify for exemptions. The proposal would set a 3 million baht, or about $91,000, minimum for broker- or dealer-arranged over-the-counter crypto trades. Platforms would need to disclose prices, while brokers could not directly arrange trades between customers. Exchanges would also face stronger screening and disclosure requirements for market makers and liquidity providers. Public consultation is open until 25 September 2026. The rules are not yet final and could change after feedback. If approved, they would be expected to take effect 60 days after formal notification. Traders should watch for potential liquidity restrictions, higher compliance costs and changes in stablecoin flows, rather than an immediate market-wide price impact.