Thailand’s Securities and Exchange Commission opened consultation on November 12, 2026 on rules that would restrict stablecoin transfers through digital asset business operators to accounts and wallets verified as belonging to the same customer. The draft notification would also impose separate inbound and outbound limits of 5 million baht per customer per day at each operator, with exemptions for specified transfers and business activities.
The requirements are proposals and have not taken effect. The SEC says they are intended to prevent money laundering, cybercrime and circumvention of international money-transfer regulations. The regulator consulted on the principles in September and says it incorporated comments and recommendations when drafting the notification now open for public comment.
Same-owner wallets and separate transfer limits
Operators would have to verify ownership of the accounts and wallets on both sides of a stablecoin transfer. A wallet sending stablecoins into a customer’s operator account would have to belong to that customer, as would a wallet receiving a withdrawal. The SEC states: “Transfers of stablecoins from or to an account or wallet belonging to another person are prohibited.”
The consultation questionnaire distinguishes transfers involving the customer’s accounts at overseas digital asset operators or private wallets from transfers between the customer’s accounts at Thai operators. A customer using a private wallet to deposit or withdraw stablecoins would face the same-owner verification requirement at the operator boundary.
Transfers would also have to comply with the Travel Rule and related requirements. Operators would profile customers and screen for mule accounts, as well as persons and wallets at risk of involvement in illegal transactions. They would use blockchain analytics tools to trace digital asset movements and identify connections to high-risk or watchlisted wallets.
The daily ceiling applies separately to incoming and outgoing stablecoins, measured per customer at each operator. Transfer values must also be commensurate with the customer’s source of income and financial position. The proposed limit is subject to that customer-specific financial assessment, rather than an automatic entitlement to transfer the full amount.
Transfers between the same customer’s accounts at SEC-supervised operators would be exempt from the daily ceiling if both the sending and receiving operators comply with the Travel Rule. This exemption applies to the transfer limit; the announcement sets out the requirement to verify account and wallet ownership separately.
Exemptions for operators, market makers and token offerings
Customers that are digital asset operators would also qualify for an exemption from the daily limit. So would operators transferring stablecoins into or out of accounts held in their own names for business purposes. Businesses supervised by the Bank of Thailand would qualify when they have obtained its approval to use stablecoins under a specified business model on a case-by-case basis.
The draft also exempts customers that are market makers for stablecoin/Thai baht trading pairs. It covers cases in which market makers must transfer stablecoins through SEC-supervised operators to perform their liquidity-provision function.
Subscriptions and subscription refunds for digital tokens approved for offering by the SEC would qualify for a further exemption. The specified counterparties are token portal providers, issuers and investors. If a subscription fails, the portal would have to establish a mechanism to refund the customer’s account at an SEC-supervised operator. The provision also covers repayment of initial investment and returns from holding digital tokens to investors’ accounts.
Different rules for exchange market makers and broker liquidity
Exchanges would have to publish market makers’ names and the digital assets for which they provide liquidity on their websites. They would also have to screen, monitor and review market-maker activities to establish the sources of the digital assets used in their operations and the underlying purposes of their transactions.
Digital asset brokers, meanwhile, would be prohibited from using liquidity providers for stablecoin/Thai baht transaction pairs. The restriction appears in the broker-supervision section, alongside rules for selecting and overseeing liquidity providers. It applies to brokers’ use of those providers, not to stablecoin/baht trading across all venues.
Broker liquidity providers could not be located in jurisdictions that lack measures or do not apply Financial Action Task Force recommendations. They would need anti-money-laundering and counter-terrorism-financing measures and oversight by a competent authority, such as a regulator responsible for money laundering or business operations. The proposal also excludes providers where there are grounds to believe they cannot safeguard assets securely.
Brokers would have to disclose liquidity providers’ names and conflicts of interest to customers. Their screening and ongoing reviews would examine asset sources and transaction purposes. Source exchanges used by brokers would likewise need competent regulatory oversight, with screening and monitoring comparable to the requirements for liquidity providers.
Off-platform trades and the comment deadline
Off-platform services offered by digital asset brokers and dealers would face a minimum transaction value of 3 million baht. Providers would have to disclose digital asset trading prices on their websites or platforms so prices can be checked. The SEC presents these requirements as measures against money laundering and cybercrime and to improve pricing transparency.
Brokers would be prohibited from conducting off-platform transactions between customers. They could still act as a broker or agent to arrange for a customer’s order to be matched on an exchange in Thailand or overseas.
The package also addresses operators that fail to collect and disclose required information to the SEC. The regulator could order an operator to rectify noncompliance or take necessary action within a specified period to comply with those requirements.
Interested persons can submit comments through the SEC consultation website or by email.
The consultation questionnaire proposes a 60-day transition for the stablecoin, market-maker, liquidity-provider, source-exchange and off-platform requirements. The English announcement supplies no calendar implementation date. Public comments close on November 26, 2026.
