Thailand proposes $148K daily cap on stablecoin deposits and withdrawals

Thailand’s securities regulator has proposed capping daily stablecoin deposits and withdrawals at 5 million baht ($148,000) each per customer at regulated crypto operators.

The limit would apply separately to deposits and withdrawals at each operator, Thailand’s Securities and Exchange Commission (SEC) said in a Thursday announcement. The regulator said the rules aim to curb money laundering, cybercrime and attempts to bypass cross-border money transfer rules.

The draft would bar stablecoin transfers to and from third-party wallets. Operators would have to verify that customers own the accounts or wallets they use for deposits and withdrawals.

Operators would have to comply with the Travel Rule, which requires crypto service providers to collect and share information about transfers, and use blockchain analytics to identify wallets linked to suspicious activity.

The draft would require crypto exchanges to name their market makers and identify the assets for which they provide liquidity. Crypto brokers would be barred from using liquidity providers for stablecoin-baht pairs. Certain off-platform trades would be subject to a 3 million baht minimum.

The draft follows a September consultation in which the SEC proposed stablecoin transfer limits and tighter oversight of crypto operators.

Related: Thailand to block Bitget in December over unlicensed crypto trading