Thailand’s Proposed Stablecoin Restrictions: A Shift Toward Strict Ownership Verification

The Thailand Securities and Exchange Commission (SEC) has introduced a proposal that could fundamentally change how digital assets move within the country. By suggesting a "same-owner" requirement for stablecoin transfers, the regulator aims to tighten control over licensed platforms and mitigate systemic financial risks. The measure, currently in its consultation stage, represents a significant move toward personalizing digital asset flows and curbing anonymous third-party transactions.

Closing the Loop on Third-Party Transfers

The core of the proposal mandates that any stablecoin entering or leaving a customer account at a licensed digital asset operator must involve a wallet verified as belonging to that same customer. This would effectively ban users from receiving transfers from other people or sending tokens to third-party wallets through supervised exchanges. While peer-to-peer transfers that occur entirely outside of these firms remain unaffected, the measure seeks to turn licensed platforms into closed systems where assets can only move between a single individual's verified accounts.

Financial Caps and Regulatory Motivations

Beyond ownership verification, the SEC is proposing a daily transfer limit of 5 million baht per person, per operator, while requiring that transaction values align with a user’s documented income. These measures are a direct response to the surging popularity of stablecoins like USDT and growing concerns regarding their potential use in money laundering and cybercrime. By implementing these strict hurdles, the SEC hopes to prevent the circumvention of international money transfer regulations and enhance the overall security of the Thai crypto ecosystem. The public consultation period for these rules is set to run until late 2026, as the regulator weighs the impact on the digital asset market before finalizing any operative rules.