Thailand imposes daily limit of $151.000 on stablecoin transfers

The Thai Securities and Exchange Commission (SEC) has introduced new rules for stablecoin transfers via licensed digital asset operators. The proposal limits incoming and outgoing transfers to approximately 5 million baht, around $151.000, per person per operator per day. The measure is intended to combat money laundering, cybercrime and circumvention of international rules for cross-border payments.

In brief:

• Thailand SEC sets a daily maximum of $151.000 on stablecoin transfers via regulated operators
• Transfers may only be made to and from accounts or wallets held in the name of the same customer
• The limit does not apply to transfers between Thai operators that apply the Travel Rule

Transfers only to own accounts permitted

Under the proposal, stablecoins via licensed operators may only be transferred to and from accounts or wallets demonstrably belonging to the same customer. Transfers to third-party accounts are expressly prohibited.

In addition, both the source and the destination of a transaction must comply with the so-called Travel Rule. This means that operators must identify customers, screen data for suspicious or fake accounts and deploy tools to detect connections with high-risk wallets or sanctioned parties.

The SEC also stipulates that the value of stablecoin transactions must be proportionate to the customer’s income and financial situation.

Exceptions for market makers and the Bank of Thailand

The daily limit of 5 million baht does not apply to all parties. Companies that transfer stablecoins in their own name as part of their core activities are exempt, as are institutions supervised by the Bank of Thailand and specifically authorised to do so.

Market makers in stablecoin/Thai baht trading pairs also fall outside the limit, insofar as they need to transfer stablecoins via a Thai operator to carry out their liquidity function. Transfers between two Thai operators that both comply with the Travel Rule are also exempt from the daily maximum.

The SEC has opened the proposal for public consultation. It is not yet clear when the final rules will take effect.