Thailand’s Securities and Exchange Commission has opened a public consultation on proposed stablecoin rules that would restrict how customers move funds through regulated digital asset operators, including a ban on transfers to or from third-party wallets and a daily cap of 5 million Thai baht per person per operator.

Under the proposed principles, stablecoin deposits and withdrawals handled by regulated digital asset operators would have to originate from and go to accounts or wallets owned by the customer. The consultation would prohibit transfers involving third-party wallets, a measure aimed at tightening control over transaction flows.

The proposal also includes a one-way daily limit of 5 million baht for each person at each operator, or roughly $150,000 based on the figure disclosed in the consultation summary. The SEC said the framework would also require measures such as the Travel Rule, which is commonly used to support anti-money laundering compliance and cross-border transaction monitoring.

The regulator is accepting public comments until around September 25, and the measures remain in consultation rather than final rulemaking. That leaves open several operational details, including how the cap would be applied in practice and whether any exemptions or further clarifications will be added before adoption.

The proposal fits into a broader tightening of oversight around stablecoin-related activity in Thailand. Local regulators have already focused on suspicious transfers, anti-money laundering controls, and the use of digital assets in potentially illicit fund flows, giving the consultation a clearer enforcement backdrop.

Why It Matters

The consultation shows that stablecoin oversight in Asia is moving beyond listing and trading rules toward closer control of payment rails, wallet ownership, and transaction monitoring. For regulated crypto operators, that can reshape how stablecoins are used for funding, withdrawals, and transfers even before any broader policy shift on digital assets.

It also highlights a wider regulatory direction: stablecoins are increasingly being treated as part of financial compliance infrastructure rather than only as trading instruments. That matters for exchanges, issuers, and users because future growth may depend as much on identity, reporting, and transfer controls as on token demand itself.