Thailand SEC proposes daily cap on stablecoin transfers at $151K

Thailand’s Securities and Exchange Commission just drew a line in the sand for stablecoin users. The regulator approved consultation principles on September 3 that would cap daily stablecoin transfers at 5 million baht, roughly $151K, per licensed digital asset operator.

Under the proposed framework, all inbound and outbound stablecoin transfers must exclusively involve wallets or accounts verified as belonging to the customer. Third-party transfers are completely prohibited.

What the rules actually say

Transfer limits would be calibrated to each customer’s verified income and financial status. Transactions between Thai-supervised operators that comply with the Travel Rule would be exempt from the transfer restrictions. Certain business transfers conducted by operators and entities authorized by the Bank of Thailand also get a pass.

The consultation period runs until September 25, 2026, meaning these rules aren’t final yet.

Why now: the USDT problem

In July 2026, the Bank of Thailand flagged abnormal trading volumes involving Tether’s USDT. The central bank’s concern was specific: stablecoins were being used to sidestep normal banking disclosure requirements.

The proposed stablecoin restrictions also dovetail with another piece of the regulatory puzzle. Thailand’s Travel Rule for digital assets, which would require operators to share originator and beneficiary information for transactions, is scheduled to take effect on February 27, 2027. The stablecoin transfer rules are essentially the warm-up act for that broader compliance framework.

What this means for traders and the market

The ban on third-party wallet transfers effectively kills a range of use cases, from peer-to-peer payments routed through exchanges to more complex treasury management setups where funds move between different entities’ wallets. Every wallet touching a licensed operator’s infrastructure needs to be verified as belonging to the account holder, outside the narrow exemptions for regulated operators.

The income-verification requirement introduces an additional KYC layer on top of existing exchange-level identity checks. Users won’t just need to prove who they are. They’ll need to prove they can financially justify the transfers they’re making.

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