Thailand’s Securities and Exchange Commission (SEC) is consulting on draft rules governing stablecoin transactions through digital asset business operators, following its September 2026 consultation on supervisory principles. The draft retains separate THB 5 million daily limits on inbound and outbound transfers per customer at each operator and would restrict transfers to verified accounts or wallets belonging to that customer. Travel Rule compliance, customer screening and blockchain analytics would support controls against money laundering, cybercrime and evasion of international money transfer rules. Transfer values would also have to reflect customers’ income sources and financial position. Transfers between a customer’s accounts at operators supervised by the SEC would be exempt from the caps if both operators comply with the Travel Rule. Other exemptions cover specified transactions involving digital asset operators, businesses approved by the Bank of Thailand and market makers. Compared with the earlier principles, the draft adds cap exemptions for specified transactions involving digital token subscriptions, subscription refunds, investment repayments and returns to investors.
The draft would also tighten oversight of trading intermediaries and off-platform transactions. Exchanges would have to publish market makers’ names and the assets they support, while brokers would disclose liquidity providers’ names and related conflicts of interest. Exchanges and brokers would have to screen and monitor these counterparties’ asset sources and transaction purposes. Brokers could not use liquidity providers for stablecoin/Thai baht pairs. Liquidity providers and source exchanges would need competent regulatory oversight and ongoing monitoring, with additional financial crime and asset safeguarding conditions for liquidity providers. Off-platform transactions by brokers and dealers would require a minimum value of THB 3 million and public disclosure of trading prices. Brokers could not arrange off-platform transactions between customers, but could arrange matching of customer orders on exchanges in Thailand or overseas. The SEC could order operators to remedy failures to collect or disclose required supervisory information within a specified period.