The Thai Securities and Exchange Commission has introduced a proposal to restrict daily stablecoin transactions for customers at regulated crypto platforms. The draft regulation suggests a cap of 5 million baht, approximately $148,000, for both deposits and withdrawals per user at each operator.
The regulator aims to mitigate risks associated with money laundering, cybercrime, and the circumvention of cross-border transfer regulations. Under the new rules, users would be prohibited from transferring stablecoins to or from third-party wallets, requiring operators to verify account ownership.
Crypto service providers must adhere to the Travel Rule, which mandates the collection and sharing of transfer data. Additionally, firms are required to employ blockchain analytics to monitor for suspicious activity. Exchanges must also disclose their market makers and the specific assets provided for liquidity.
The proposal further restricts crypto brokers, prohibiting them from utilizing liquidity providers for stablecoin-baht trading pairs. Furthermore, the draft specifies that certain off-platform trades will be subject to a minimum transaction threshold of 3 million baht.
