Thailand Stablecoin Rules Could Restrict Third-Party Wallet Use

TLDR:

• Thailand stablecoin rules would require every deposit and withdrawal at a licensed operator to use an account or wallet verified in the customer’s name.
• The draft sets separate daily caps of five million baht, or roughly $151,000, for incoming and outgoing stablecoin transfers per user and operator.
• Thai-regulated operator transfers may bypass the cap only when both parties meet Travel Rule duties, which take effect on February 27, 2027.
• The consultation stays open until September 25, and the SEC has not set an effective date for the proposed same-owner wallet requirements.

Thailand’s Securities and Exchange Commission opened a public consultation after its Board approved the proposed principles on September 3. The Thailand stablecoin rules would require deposits and withdrawals to use bank accounts or wallets verified in the customer’s name. Each inbound and outbound transfer would face a five million baht daily limit, or about $151,000, per person and operator. 

The proposal covers activity through SEC-supervised digital asset operators, not peer-to-peer transactions completed outside those platforms. Comments close September 25, 2026. The measure is not yet effective. No implementation date appears in the consultation or accompanying SEC notice released so far.

Thailand Stablecoin Rules Target Third-Party Wallet Transfers

Under the draft, a stablecoin transfer could reach a customer account only from that customer’s verified wallet or payment account. An operator would need to establish the connection before accepting the deposit. A withdrawal would follow the same test. It could go only to a wallet or account verified as belonging to the customer who requested it.

The Thailand stablecoin rules would stop a customer from receiving tokens from another person’s external wallet through a licensed platform. They would also bar withdrawals to a family member, trading counterparty, employee, or unrelated business wallet. The restriction applies at the operator’s transfer boundary. It does not purport to prohibit a wallet-to-wallet transfer that never touches a supervised Thai firm.

Proposed Thailand stablecoin rules would create a compliance step for platforms handling stablecoin deposits and withdrawals. Operators would need evidence linking each permitted destination and origin address to the account holder. Platforms would need to distinguish customer wallets from addresses held by other people or payment intermediaries before completing transfers. 

That process could alter wallet whitelisting and fund settlement workflows for users at scale. The proposal does not list a single verification method. Firms may need procedures for wallet ownership, customer records, and transaction monitoring before processing the transfer.

The regulator describes the approach as a response to money-laundering, cybercrime, and cross-border transfer risks. The Thailand stablecoin rules place the same-owner condition beside customer due diligence at licensed operators. The measure would make third-party stablecoin payments harder to route through an exchange account. It would not regulate private transfers conducted away from regulated operator systems.

Thailand Stablecoin Rules Retain a Travel Rule Transfer Waiver

The five million baht ceiling applies separately to money entering and leaving a customer account. A customer could therefore face one daily inbound limit and one daily outbound limit at each operator. That amount equals about $151,000 at current exchange rates. The consultation also links permitted volumes to verified income and financial standing, within the proposed ceiling.

Transfers between Thai-supervised digital asset operators may receive an exemption from the cap. Both firms must comply with the Travel Rule for the waiver to apply. That regime requires specified originator and beneficiary information to accompany qualifying digital asset transfers. Thailand plans to bring its separate Travel Rule requirements into force on February 27, 2027.

The Thailand stablecoin rules could separate transfers to verified personal wallets from transfers handled between compliant local intermediaries. The consultation also outlines exceptions for some business transfers involving operators and Bank of Thailand-authorized entities. 

Those carve-outs would preserve defined institutional routes while restricting ordinary third-party wallet movements. The SEC has invited public comments on the principles through September 25.

Users would need to show that each wallet belongs to them before using it with a licensed operator. The Thailand stablecoin rules do not name issuers as their target. The rules instead focus on the point where customers deposit or withdraw tokens through supervised firms. Any final text would determine the exact documents, verification process, and exempt transaction categories. Officials will decide next steps after comments close.

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