Key facts
- The 5 million baht cap applies separately to deposits and withdrawals at each regulated operator, the SEC said.
- The SEC said the draft aims to curb money laundering, cybercrime and attempts to bypass cross-border money transfer rules.
- Operators would have to verify customers own the accounts or wallets used for deposits and withdrawals.
- The draft requires operators to follow the Travel Rule and use blockchain analytics to flag wallets tied to suspicious activity.
- Crypto exchanges would have to name their market makers and the assets for which they provide liquidity.
- Crypto brokers would be barred from using liquidity providers for stablecoin-baht pairs, with some off-platform trades subject to a 3 million baht minimum.
Thailand's Securities and Exchange Commission proposed on November 12 capping daily stablecoin deposits and withdrawals at 5 million baht ($148,000) each per customer at regulated crypto operators. The limit would apply separately to deposits and withdrawals at each operator, the regulator said in a Thursday announcement.
The SEC said the rules aim to curb money laundering, cybercrime and attempts to bypass cross-border money transfer rules. The draft would bar stablecoin transfers to and from third-party wallets, and operators would have to verify that customers own the accounts or wallets they use for deposits and withdrawals.
Operators would also have to comply with the Travel Rule, which requires crypto service providers to collect and share information about transfers, and use blockchain analytics to identify wallets linked to suspicious activity.
The draft would require crypto exchanges to name their market makers and identify the assets for which they provide liquidity. Crypto brokers would be barred from using liquidity providers for stablecoin-baht pairs, and certain off-platform trades would be subject to a 3 million baht minimum.
The proposal follows a September consultation in which the SEC proposed stablecoin transfer limits and tighter oversight of crypto operators.