Thailand SEC proposes stablecoin rule blocking transfers to other people's wallets
What the SEC has proposed
Thailand's Securities and Exchange Commission has proposed a same-owner rule for stablecoin transfers through licensed crypto firms.
A stablecoin is a type of cryptocurrency designed to hold a steady value. Under the proposal, stablecoins entering a customer's account at a digital asset operator (a licensed crypto firm) would have to come from an account or wallet verified as belonging to that customer. Withdrawals would also have to go to an account or wallet verified as the customer's own.
The proposal is based on consultation principles approved by the SEC board on Sept. 3. It is still at the consultation stage and is not yet an operative rule.
How the restriction would work
As drafted, the rule would prevent a customer from receiving a stablecoin transfer from someone else's wallet, or sending stablecoins to someone else's wallet, through a Thai SEC-supervised platform. The restriction would only apply to transfers through supervised digital asset operators, not to peer-to-peer transfers that happen entirely outside those firms.
The proposal would also require stablecoin transfer values to be consistent with a customer's income source and financial position.
Key numbers and dates
- 5 million baht: proposed daily cap for inbound and outbound stablecoin transfers, per person, per operator.
- Sept. 25, 2026: deadline for public comments on the proposal.
- Feb. 27, 2027: date when the separate Travel Rule takes effect. That rule would require digital asset operators to collect information about transfer parties, check counterparties, and verify ownership or control of certain self-hosted wallets.
Why the SEC says it proposed the rule
The SEC said it developed the measures after seeing significant growth in stablecoin transaction volume and value, particularly involving the stablecoin USDT. It also cited patterns it associates with risks tied to money laundering, cybercrime, and the circumvention of rules governing international money transfers.
What remains unclear
The SEC did not announce an effective date for the proposed stablecoin restrictions. Until final rules are issued, the same-owner restriction remains a proposal.
The consultation also lists cap exemptions for certain operator business transfers, certain Bank of Thailand-authorized operators, and stablecoin/baht market makers. It is unclear whether that cap waiver would affect the separate same-owner test. The consultation could add more implementation detail.
