Thailand’s Securities and Exchange Commission has opened a public consultation on proposed rules that would tighten the way stablecoin deposits and withdrawals are handled by licensed digital-asset operators.
Under the proposed principles, inbound and outbound stablecoin transfers would need to take place between accounts or wallets that have been verified as belonging to the same customer. The requirement is intended to strengthen controls around the movement of digital assets through regulated platforms.
The proposal would also introduce a daily transfer limit of 5 million baht per person and operator. That amount is equivalent to roughly $151,550 based on the figures cited in the proposal.
In addition to the proposed cap, licensed operators would be required to verify wallet ownership and comply with the Travel Rule. They would also need to conduct screening for mule accounts and wallet addresses associated with illicit activity.
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The moves are a part of a larger initiative to improve protections for transactions using digital assets and lower any risks associated with fraud, money laundering, and other financial crimes.
As the usage of stablecoins and cryptocurrencies continues to grow, Thailand has been creating its legal framework for digital assets. Because they are frequently used for trade and money transfers and are built to retain a reasonably steady value, stablecoins in particular have grown in significance across international digital marketplaces.
Regulators must, however, strike a balance between the requirement to maintain the viability of digital asset services for authorized users and more stringent compliance measures.
Although the SEC Board has already approved the proposed framework, it is not yet final. In order to provide market players and other stakeholders a chance to offer input before the regulations may proceed, the regulator has created a 14-day window for public comments.
For customers that transfer stablecoins between several platforms or wallets, the requirement that transfers take place between wallets owned by the same customer may have a major operational impact. Verification methods may also need to be strengthened by exchanges and other licensed operators.
The consultation will therefore be closely watched by Thailand’s digital-asset industry. Any final rules could influence how stablecoins are used on regulated platforms and how the country’s crypto market approaches compliance and transaction monitoring.
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