Thailand SEC proposes same-owner rule for stablecoin flows

Thailand’s Securities and Exchange Commission has proposed that licensed digital asset operators accept stablecoin deposits and process withdrawals only from accounts or wallets verified as belonging to the customer. The draft sets separate inbound and outbound limits of 5 million baht per person, per operator, per day.

Under the consultation paper released Sept. 11, stablecoins arriving in a customer account must come from an account or wallet proven to be owned by that customer. Withdrawals would have to be sent to a verified account or wallet owned by the customer. The proposal would prohibit using a supervised platform to receive stablecoins from another person’s wallet or to send stablecoins to another person’s wallet when the transfer passes through a licensed operator.

The cap would not apply to transfers between customer accounts handled by two supervised operators when both firms comply with Thailand’s Travel Rule. The draft also lists exemptions for certain operator business transfers, Bank of Thailand‑authorized operators and stablecoin‑baht market makers. The consultation does not yet clarify whether those exemptions would change the same-owner requirement.

The SEC’s draft would require stablecoin transfer values to align with a customer’s declared income source and financial position. The restriction would cover transfers conducted through supervised digital asset operators and would not apply to peer-to-peer transfers that occur entirely outside those firms.

Thailand finalized a separate Travel Rule for digital asset operators that requires firms to collect information on transfer parties, check counterparties and verify ownership or control of certain self-hosted wallets; that rule takes effect Feb. 27, 2027. The proposed same-owner condition would add an additional ownership check when a transfer crosses the boundary of a licensed operator.

The SEC approved the proposal in principle on Sept. 3 and opened the consultation on Sept. 11. Comments are due Sept. 25, 2026. The draft remains under review and has not been adopted or given an effective date. The SEC cited rapid growth in stablecoin transaction volume, particularly USDT, and patterns it associated with money laundering, cybercrime and attempts to bypass rules on international money transfers as reasons for the measures.