Thailand SEC Proposes Daily Withdrawal and Deposit Limit of 5 Million Baht for Stablecoins

The Securities and Exchange Commission (SEC) of Thailand has released a draft proposal that aims to set a daily deposit and withdrawal limit of 5 million baht (approximately $148,000) for stablecoins for each customer of regulated cryptocurrency operators. This limit will be calculated separately for each operator, applying to both deposits and withdrawals. The regulatory body stated that this measure is intended to curb money laundering, cybercrime, and the evasion of cross-border fund transfer regulations. The draft also prohibits the transfer of stablecoins in and out of third-party wallets, requiring operators to verify that customers own the accounts or wallets used for deposits and withdrawals. Operators must also comply with the Travel Rule, collecting and sharing information related to transfers, and using blockchain analysis tools to identify wallet addresses associated with suspicious activities. Additionally, the draft requires cryptocurrency exchanges to disclose their list of market makers and specify the assets that these market makers provide liquidity for; cryptocurrency brokers are prohibited from using liquidity providers for trading pairs of stablecoins and baht; a minimum threshold of 3 million baht will apply to certain over-the-counter transactions. This draft continues the consultation initiated by the Thailand SEC in September, which proposed limits on stablecoin transfers and recommendations for enhanced regulation of cryptocurrency operators.

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