Thailand Proposes Strict Stablecoin Transfer Regulations to Combat Financial Crime
Thailand's Securities and Exchange Commission (SEC) has introduced a proposal that would significantly restrict stablecoin transfers through licensed crypto firms. The proposed regulations, currently in the consultation phase, mandate that stablecoins entering or leaving a customer's account at a digital asset operator must originate from or be sent to an account or wallet verified as belonging to that same customer. This 'same-owner' requirement explicitly prohibits stablecoin deposits from another person's account or withdrawals to another person's account when conducted through supervised platforms. The measure also includes a daily transfer cap of 5 million baht per person, per operator, for inbound and outbound transfers, and requires transfer values to align with a customer's income and financial standing. These restrictions are a response to the observed growth in stablecoin transaction volume, particularly involving USDT, and concerns regarding money laundering, cybercrime, and the circumvention of...
