SEC · CryptoSlate
Thailand’s stablecoin proposal would block transfers to other people’s wallets
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Thailand’s Securities and Exchange Commission has proposed a same-owner requirement for stablecoin transfers that would sharply narrow how customers can move tokens such as USDT through licensed crypto firms.
Key facts
- On Sept. 11, the SEC opened the public consultation, with comments due by Sept. 25, 2026
- The Sept. 11 consultation also lists cap exemptions for specified operator business transfers, certain Bank of Thailand-authorized operators and stablecoin/baht market makers
- The cap would not apply to transfers between customer accounts through SEC-supervised operators when both firms comply with the Travel Rule
- The SEC said it developed the measures after observing significant growth in stablecoin transaction volume and value, particularly involving USDT
Summary
01 The proposal sets separate inbound and outbound caps of 5 million baht per person, per operator, per day. 02 Transfers between supervised Thai operators qualify for a cap waiver when both comply with the Travel Rule. 03 Comments close September 25; the separate Travel Rule takes effect February 27, 2027. Under the SEC Board-approved Sept. 3 consultation principles, stablecoins entering a customer account at a digital asset operator would have to come from an account or wallet verified as belonging to that customer.