Thailand SEC Proposes Stablecoin Transfers to Own Wallets

Thailand’s Securities and Exchange Commission has proposed restricting stablecoin deposits and withdrawals at licensed digital asset operators to customers’ own verified wallets, a Thailand SEC stablecoin wallet proposal now open for public comment through September 25, 2026.

What Thailand’s SEC proposes for stablecoin transfers

Thailand’s SEC, the country’s own regulator and not the United States agency of the same name, approved the underlying principles on September 3, 2026, then opened a formal consultation on September 11. This is a proposal under consultation, not a finalized or operative rule. For related coverage, see SEC Proposes New Rules to Support Blockchain Use in Securities Transactions.

The core change would require both the originating account for a deposit and the destination account for a withdrawal to be verified as belonging to the customer conducting the transfer. The principles explicitly prohibit stablecoin deposits from another person’s account and withdrawals to another person’s account. The regulator says it observed rising stablecoin volumes, particularly involving Tether (USDT), and transaction patterns that may carry money-laundering, cybercrime and transfer-rule circumvention risks.

A proposal covering deposits and withdrawals

Both directions fall within the stated scope. Incoming deposits and outgoing withdrawals through licensed operators would each be subject to the ownership test and to separate daily caps. The proposed inbound limit is 5 million baht per day, per person, per operator.

Proposed inbound stablecoin cap

5 million baht

Per day · Per person · Per operator

The outbound limit is set separately at the same 5 million baht threshold, on the same per-day, per-person, per-operator basis. Transfer values must also be consistent with the customer’s source of income and financial position.

Proposed outbound stablecoin cap

5 million baht

Per day · Per person · Per operator

Which wallets and crypto firms fall within the stated scope?

Customers’ own verified wallets

The eligibility test carries two conditions that both must hold: the wallet must be the customer’s own, and it must be verified. A wallet belonging to someone else would, under the proposal, fall outside that own-wallet requirement. The consultation does not specify a wallet-verification procedure, and the SEC’s cap exemptions do not waive the separately stated ownership condition.

The cap itself carries carve-outs. The transfer-value limit would not apply to movements between customer accounts through SEC-supervised operators when both operators comply with Travel Rule requirements, and the September 11 consultation adds exemptions for specified operator business transfers, certain Bank of Thailand-authorized stablecoin activities, and specified stablecoin/baht market-maker transfers.

Stablecoin transfers at licensed crypto firms

The restriction is tied to stablecoin deposits and withdrawals routed through licensed digital asset operators; it is not a universal prohibition on peer-to-peer blockchain transfers outside those firms. The consultation also proposes a minimum off-platform transaction value of 3 million baht for digital asset brokers and dealers, mandatory public price disclosure, and a ban on brokers arranging off-platform customer-to-customer trades.

Brokers would additionally be barred from having liquidity providers for stablecoin/baht transactions, and required to disclose liquidity-provider names and conflicts of interest. That framing places the wallet-ownership rule inside a broader reworking of broker execution and liquidity practices. Thailand has been active on digital asset rulemaking, having earlier drafted spot Bitcoin and Ethereum ETF trading rules and moved to propose retail crypto ETF access, alongside a five-year zero capital gains tax on crypto. The stablecoin measures echo tighter issuer-side rules seen elsewhere, such as the UK’s recent crypto framework.

What remains unconfirmed about the proposal?

Verification requirements and timing

The fetched notices do not detail how wallet ownership would be verified, nor do they announce an effective date for the proposed stablecoin restrictions. SEC Secretary-General Pornanong Budsaratragoon said the regulator will conduct a public hearing with relevant parties in September 2026, the results of which will feed into further consideration of the rule revision.

A separate finalized Thai Travel Rule takes effect February 27, 2027, according to unconfirmed reports from a single outlet citing a distinct SEC notice that was not independently retrieved. The comment window on the current stablecoin consultation runs through September 25, 2026, per the SEC’s own consultation announcement. Watch that deadline and any subsequent rule text for the verification mechanics and adoption status still absent from the published materials.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.