Thailand's SEC Proposes Daily Stablecoin Caps of 5 Million Baht Per Customer
Thailand's securities regulator has proposed a daily limit of 5 million baht (about $148,000) per customer on stablecoin deposits, with a separate matching limit on withdrawals, and would block transfers to third-party wallets.
By CoinGeography Newsroom
Published · 3 min read
Key points
- Thailand's Securities and Exchange Commission (SEC) has put out a draft that would cap stablecoin deposits at 5 million baht (about $148,000) a day per customer at each licensed crypto operator, with a separate cap of the same size on withdrawals.
- Transfers to and from wallets or bank accounts belonging to anyone other than the customer would be blocked, and operators would have to confirm who owns the accounts they use.
- Brokers could not use outside liquidity providers for stablecoin-baht trading pairs, and exchanges would have to disclose their market makers.
- No start date has been announced. The measures are a proposal and could change.
What the regulator announced
The SEC unveiled the draft on Thursday 12 November, according to Cointelegraph and GNcrypto. It follows a consultation held in September, when the regulator first floated limits on stablecoin transfers and closer supervision of crypto operators.
How the caps would work
Both Cointelegraph and GNcrypto describe the ceiling as daily and per customer. It would apply at each regulated operator, with deposits and withdrawals counted separately. In practice a customer could move up to 5 million baht in and up to 5 million baht out of a platform in a single day before hitting the limit.
Wallets, accounts and market makers
Under the draft, stablecoins could not be sent to or received from third-party wallets. GNcrypto reports that operators would have to check that the bank accounts and wallets their customers use are really their own. The same outlet notes that certain off-platform trades would carry a minimum size of 3 million baht, without spelling out which trades are covered.
On the trading side, Cointelegraph says brokers would be barred from sourcing liquidity from outside providers for stablecoin-baht pairs, and exchanges would have to name their market makers and the assets each one supports. FinanceFeeds adds that the package tightens oversight of crypto market makers more broadly. Cointelegraph also reports that operators would need to apply the Travel Rule, which requires sharing sender and recipient details on transfers, and use blockchain analytics to flag wallets linked to suspicious activity.
