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Thailand's SEC proposes a 5 million baht ($148,000) daily cap on stablecoin deposits and withdrawals at regulated crypto venues
Summary
Thailand's Securities and Exchange Commission has proposed capping each customer's stablecoin deposits and withdrawals at regulated crypto operators at 5 million baht (about $148,000) per day, applied separately in each direction at each operator, Cointelegraph and The Block reported.
The draft would also bar stablecoin transfers to or from other people's wallets, requiring operators to verify that customers own the accounts and wallets they use, though The Block notes it does not cover pure peer-to-peer onchain transfers outside registered platforms.
Operators would have to follow the Travel Rule and use blockchain analytics to flag high-risk wallets; the SEC says the rules aim to stop crypto being used for money laundering, cybercrime or getting around cross-border money transfer rules.
The proposal follows a September consultation, and the regulator is taking public comments until Nov. 26, according to The Block.
Key facts
- "The value of stablecoins transferred into and out of a customer's account must be commensurate with the customer's source of income and financial position," the Thai SEC said.
- Exemptions include moves between a customer's own accounts on SEC-supervised platforms, operators' business transfers, stablecoin market-maker activity, token offering and refund transactions, and some activities approved by the Bank of Thailand.
- Crypto exchanges would have to name their market makers and the assets they provide liquidity for, and brokers would be barred from using liquidity providers for stablecoin-baht pairs.
- Certain off-platform trades by brokers and dealers would face a 3 million baht ($88,528) minimum, and operators would have to disclose prices for those deals.