Thailand Proposes $148,000 Daily Limit On Stablecoin Deposits & Withdrawals

• Thailand’s SEC has proposed a daily limit of 5 million baht, or around $148,000, for stablecoin deposits and withdrawals.
• The draft rules would restrict transfers involving third-party wallets.
• Crypto operators would face stronger customer verification and monitoring requirements.

Thailand Plans Limits On Stablecoin Transfers

Thailand plans to introduce new restrictions after the country’s Securities and Exchange Commission (SEC) proposed limits on stablecoin transactions by regulated crypto operators. Each customer will only be able to deposit and withdraw up to 5 million baht ($148,000) a day.

Source: sec.or.th

The regulator said it wanted to reduce money laundering, cybercrime and evasion of current limits on cross-border money transfers. Limits will be applied on a per-regulated-operator basis.

New Rules On Third Party Wallet Use

Under the plans, transfers between third-party wallets will be subject to new restrictions. Regulated crypto operators will be required to ensure that customers have control over the accounts or wallets they deposit and withdraw from.

Source: sec.or.th

The draft plans also require crypto operators to comply with the Travel Rule which requires crypto service providers to gather and share specific transaction and person information.

Companies will also be required to utilise blockchain analytics tools to help identify wallets linked to suspicious activity. This should make it harder for criminals to move funds using digital assets.

Increased Oversight Of Market Makers & Brokers

The proposals also relate to how crypto trading platforms handle liquidity. Exchanges will be required to name their market makers and specify which digital assets the firm provides liquidity for.

Crypto brokers will not be able to utilise liquidity providers for stablecoin to baht trading pairs. Some off-exchange trading will also be subject to a minimum limit of 3 million baht.

The latest proposals follows a consultation in September where the SEC first discussed imposing limits on stablecoin transfers and increasing oversight of crypto operators.

If implemented, the new rules could cause major changes to how stablecoins are transferred within Thailand. Clearly the regulator wants to enable crypto activity, however they want to increase oversight of transactions which could be linked to financial crime.

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