Thailand SEC Proposes $148K Daily Cap on Stablecoin Transactions

Thailand’s Securities and Exchange Commission (SEC) announced proposed rules on Nov. 12, 2026, to restrict stablecoin activity at regulated crypto operators ¹. Under the draft framework, customer deposits and withdrawals would each face a daily limit of 5 million baht, approximately $148,000, per operator ¹.

The regulator stated that the restrictions are designed to counter money laundering, cybercrime, and the circumvention of cross-border transfer controls ¹. Beyond daily ceilings, the proposal bans transfers involving third-party wallets, requiring licensed entities to verify that users own the accounts and addresses used for funding and payouts ¹. Licensed firms must also adhere to the Travel Rule and deploy on-chain analytics tools to detect addresses tied to illicit behavior ¹. Other jurisdictions have similarly weighed transfer constraints to manage compliance risks, as seen when JPYC missed its first-year circulation target under Japanese caps.

Exchange and Broker Mandates

The draft also establishes stricter operational conditions for trading venues and intermediaries ¹. Digital asset exchanges would need to publicly disclose their market makers alongside the specific tokens for which they provide liquidity ¹. Meanwhile, crypto brokers would be prohibited from engaging liquidity providers for trading pairs involving stablecoins and the Thai baht ¹.

Additionally, the proposal imposes a minimum threshold of 3 million baht on certain off-platform transactions ¹. The framework follows an initial public consultation held in September 2026, which first introduced the concept of transfer caps and heightened supervision for the country's licensed digital asset sector ¹.