Thailand SEC proposes 5 million baht daily cap on stablecoin transfers

Thailand's Securities and Exchange Commission on Nov. 12 proposed capping stablecoin deposits and withdrawals at 5 million baht per customer per day at each licensed crypto operator. Transfers would also be allowed only to and from wallets verified as the customer's own.

The cap works out to about $148,000, according to Cointelegraph. It applies separately in each direction, so one customer could move up to 5 million baht in and another 5 million baht out on the same day at one operator. In its consultation notice, the regulator says the aim is to keep digital assets from being used for money laundering, cybercrime and getting around the rules on international money transfers. The draft is open for comment until Nov. 26, and no effective date has been set.

Which transfers the draft would block

Every stablecoin transfer into or out of an exchange account would have to use an account or wallet verified as belonging to the same customer. Withdrawing straight to a friend's address, or topping up from someone else's wallet, would be prohibited. Operators would apply the Travel Rule, screen out mule accounts and run blockchain analytics to flag links to high-risk or watchlisted wallets.

Who is exempt from the 5 million baht cap

On top of the hard number, the SEC adds a softer test: transfer values must be "commensurate with the customer's source of income and financial position." Licensed Thai operators have already been working through this problem, with nearly 58,000 crypto mule accounts frozen since 2025. The Block also reports that the central bank and the SEC had started using data analytics to scrutinize unusual USDT trading.

The limit does not apply when a customer moves stablecoins between their own accounts at two SEC-supervised Thai operators, as long as both follow the Travel Rule. Four more groups are carved out:

• crypto operators moving stablecoins through accounts in their own names for business;
• companies supervised by the Bank of Thailand that win case-by-case approval to use stablecoins;
• market makers for stablecoin/baht trading pairs;
• subscriptions, refunds and payouts for SEC-approved token offerings through ICO portals.

The same package would make exchanges publish the names of their market makers, bar brokers from using liquidity providers for stablecoin/baht pairs and set a 3 million baht minimum for off-platform trades by brokers and dealers. It is a separate track from Thailand's Dec. 5 block on Bitget, which targets an offshore exchange after a criminal complaint.

The draft also has a clear boundary. As The Block notes, it does not cover pure peer-to-peer onchain transfers made outside registered platforms.