Thailand’s Securities and Exchange Commission is seeking public feedback on a proposal that would tighten how licensed digital asset operators handle stablecoin transfers. Under the draft, stablecoins entering a customer’s platform account would have to come from an account or wallet verified to belong to that same customer, while withdrawals could only be sent to wallets or accounts under the customer’s own name. In practice, that would prevent customers from receiving stablecoins from third-party wallets through Thailand SEC-regulated platforms or withdrawing stablecoins to someone else’s wallet.
The proposal applies only to transfers processed by licensed operators and does not cover peer-to-peer transactions that bypass those platforms entirely. It also says stablecoin transfer amounts must be consistent with a customer’s source of income and financial status. For each operator, the daily incoming and outgoing limit for each customer would be set at 5 million baht. Transfers between regulated platforms may be exempt from the cap if both operators comply with the Travel Rule, though it remains unclear whether that exemption would also affect the same-owner requirement. The consultation period runs through Sept. 25, and a separately established Travel Rule will take effect on Feb. 27, 2027.
Thailand’s Securities and Exchange Commission is proposing a same-owner requirement for stablecoin transfers handled by licensed digital asset operators.
Under the draft, which is now open for public consultation, stablecoins entering a customer’s platform account must come from an account or wallet that has been verified as belonging to that customer. Withdrawals would also be allowed only to a wallet or account under the same customer’s name.
If adopted as proposed, customers would not be able to receive stablecoins from another person’s wallet through platforms regulated by the Thailand SEC, and they would also be barred from withdrawing stablecoins to someone else’s wallet.
The rule would cover transfers handled by licensed operators
The requirement would apply only to transfers processed by licensed operators. It would not cover peer-to-peer transactions conducted entirely outside those platforms.
The proposal also says stablecoin transfer amounts must match a customer’s source of income and financial status. Each customer would face a daily incoming limit of 5 million baht and a daily outgoing limit of 5 million baht at each operator.
Travel Rule exemption leaves one point unresolved
Transfers between regulated platforms could be exempt from the cap if both operators comply with the Travel Rule. The proposal, however, does not clearly state whether that exemption would also affect the same-owner requirement.
Public comments close on Sept. 25
The Thailand SEC said the proposed measures stem from growth in stablecoin trading, especially USDT, as well as risks tied to money laundering, cybercrime and attempts to circumvent international remittance rules.
The public consultation will end on Sept. 25. A separately established Travel Rule is set to take effect on Feb. 27, 2027.
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