The Thailand Securities and Exchange Commission (SEC) Board approved principles to tighten supervision of stablecoin transactions through licensed digital asset operators, with a public consultation planned for September 2026. The measures respond to rising transaction volumes, particularly in USDT, and patterns that may indicate money laundering, cybercrime or circumvention of international money transfer rules. They build on the SEC’s monitoring and coordination with the Bank of Thailand, industry representatives and digital asset operators.

Under the principles, customers could transfer stablecoins into or out of an operator only through verified accounts or wallets that they own, prohibiting third-party transfers. Operators would have to apply the Travel Rule, customer profiling and screening, blockchain analytics and checks for links to mule accounts, illegal activity or high-risk wallets. Inbound and outbound transfers would each be capped at THB 5 million per day per person per operator and would need to match the customer’s income and financial position. The cap would not apply to transfers between customer accounts through SEC-supervised operators where both operators comply with the Travel Rule.

The package would also align oversight of digital asset exchange market makers more closely with securities-sector standards, require brokers’ liquidity providers and source exchanges to be subject to regulatory supervision, and establish transparency guidelines for off-platform transactions such as big-lot trades.

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