Thailand has proposed tighter rules for stablecoin transactions through licensed digital asset businesses. The country’s Securities and Exchange Commission, or SEC, approved the main principles for the new rules on September 3, 2026.
The move comes after the SEC saw a major rise in the amount and value of stablecoin transactions in Thailand. The regulator said the rise was most clear with USDT.
The SEC also found some activity that could create risks linked to money laundering, cybercrime and the use of stablecoins to avoid rules for international money transfers.
The new plan aims to reduce those risks while also give the SEC better tools to check digital asset transactions. The regulator said the goal is not to stop stablecoins. Instead, it wants a safer and clearer market where users and businesses can use digital assets under stronger controls.
The SEC plans to seek public comments on the proposed principles within September 2026. The rules are not yet in force.
USDT sits at the center of the issue
Stablecoins are digital assets that aim to keep a stable value, often through a link to a fiat currency such as the US dollar. USDT is one of the most widely used stablecoins in the world.
The Thai SEC said it has watched stablecoin activity through regulated digital asset businesses for some time. Its data showed a significant rise in both transaction volume and value, with USDT a major part of that activity.
Stablecoins can offer a fast way to move value. That can make them useful for trade, investment and transfers. However, the same feature can create risks if bad actors use them to move funds without proper checks.
Thailand has already taken steps to improve control over digital asset transfers. On September 2, 2026, the SEC issued its Digital Asset Travel Rule. That rule will take effect on February 27, 2027. It requires digital asset businesses to collect, receive and pass on key information about people involved in digital asset transfers.
The new stablecoin plan adds another layer of control.
A proposed limit of 5 million baht
One of the most important parts of the proposal is a daily transfer limit.
Under the proposed rules, a person could transfer stablecoins into an account at a digital asset business up to 5 million baht per day per person per business.
The same 5 million baht per day per person per business limit would apply to transfers out of an account.
The SEC says the amount of a customer’s stablecoin transfer should also match the person’s source of income and financial position. This means a transaction should make sense based on the customer’s known financial situation.
There is an important exception.
Transfers between customers of Thai digital asset businesses would not face the 5 million baht daily limit per business. Both the sending and receiving businesses would have to use the Travel Rule.
This gives customers a way to move larger amounts between regulated Thai platforms, while still subject to identity checks and other controls.
Wallet owners must be verified
The proposal also focuses on who controls the wallets used for a transfer.
A wallet that sends stablecoins to a customer’s account at a regulated digital asset business must be verified as belonging to that customer. The same rule would apply to the wallet that receives stablecoins from the customer’s account.
In simple terms, customers would not be allowed to use another person’s account or wallet for these transfers.
The SEC wants to prevent a situation where a person uses someone else’s wallet to move money through a regulated platform. Such activity can make it harder for financial institutions and authorities to identify the real owner of funds.
The proposed system would also use the Travel Rule. This would help digital asset businesses collect and share information about the parties involved in transfers.
The SEC also plans to use customer classification and screening tools. Accounts linked to mule activity or other illegal activity could face further checks or restrictions.
Wallet tracking will play a bigger role
Another key part of the plan is the use of tools that can trace digital asset movements.
Blockchain transactions are recorded on public networks, but a wallet address does not always show the real identity of its owner. Special tools can help firms follow the movement of assets between wallets and identify links to wallets that may pose a risk.
The Thai SEC wants regulated businesses to use such tools to check whether a customer’s wallet has a connection to a risky wallet or a wallet on a watchlist.
This could help firms spot suspicious activity at an earlier stage.
The approach also fits with Thailand’s wider effort to reduce the use of digital assets for cybercrime and money laundering. The SEC has worked with other agencies on this issue, including the Bank of Thailand, the Thai Digital Asset Business Association and digital asset businesses.
Thailand has already prepared the Travel Rule
The stablecoin proposal comes just one day after Thailand announced its new Travel Rule for digital assets.
The SEC said the rule is designed to make sure digital asset businesses have enough information to assess money laundering risks. It also aims to reduce the chance that crypto services could become a route for money laundering and technology-related crime.
The rule will start on February 27, 2027, which gives digital asset businesses time to prepare the required systems.
Thailand has therefore moved toward a system where identity checks, wallet checks and transaction data can work together.
This is important because stablecoin transfers can move across borders with fewer traditional steps than a bank transfer. Regulators want to make sure that this speed does not weaken financial crime controls.
The SEC also wants stronger market rules
The stablecoin proposal is not the only area covered by the SEC’s latest regulatory plan.
The regulator also wants clearer rules for market makers on digital asset exchanges. Market makers help provide liquidity so buyers and sellers can trade more easily.
The SEC plans to bring the rules closer to the approach used in the securities market while also taking into account the special nature of digital assets. The goal is to improve clarity and transparency.
Another proposal covers liquidity providers that serve digital asset brokers.
The SEC wants these providers to meet standards based on the level of risk involved. The source exchanges that brokers use would also need to remain under proper regulatory supervision.
These changes show that Thailand’s latest move is broader than stablecoins alone. The regulator wants stronger controls across several parts of the digital asset market.
Off-platform crypto deals will face more attention
The SEC also wants better rules for digital asset transactions that take place outside normal exchange platforms.
Off-platform deals can serve legitimate purposes, such as large transactions between parties. However, they can also create problems if there is not enough information about the trade.
The SEC plans to set rules that improve transparency and make sure such services are used for their intended purpose.
The regulator gave Big Lot transactions as one example.
This part of the plan could matter to large traders and institutions that need to move significant amounts of digital assets without using a standard exchange order book.
Clear rules may help legitimate users, while stronger checks could make it harder for suspicious transactions to pass through the system.
The rules are not final yet
It is important to note that the proposed stablecoin controls are not yet in effect.
The SEC has approved the principles, but it plans to ask for feedback from affected groups during September 2026. The feedback can help the regulator revise the proposal before it becomes an official rule.
This means the final rules may differ from the current proposal.
Digital asset businesses will also need time to prepare if the new requirements become official. They may need to update their customer checks, wallet systems, transaction limits and monitoring tools.
For users, the most important point is that the proposed 5 million baht daily limit is not yet a live restriction.
What this means for Thai crypto users
For normal users, the new framework may have little effect on small stablecoin transfers.
A person who sends modest amounts through a regulated Thai digital asset business may already pass many of the required identity and compliance checks.
The bigger effect could fall on users who move large amounts of USDT or other stablecoins.
Such customers may need to provide more information about their source of funds. Their wallets may also need to pass identity checks. Transactions that do not match their financial profile could face extra review.
Users who transfer assets between two Thai regulated businesses could have more flexibility because the proposed 5 million baht limit would not apply to those transfers. However, both sides would still need to follow the Travel Rule.
Thailand wants a safer crypto market
Thailand’s latest stablecoin proposal shows that the country wants to keep digital asset growth under closer control.
The SEC is not calling for a ban on stablecoins. Instead, it wants better checks around who sends money, who receives it and where the assets come from.
The proposed rules include a 5 million baht daily limit for transfers into and out of a customer’s account at each digital asset business. Wallet ownership would need verification, and the SEC would use tools to trace asset movements and identify links to risky wallets.
At the same time, transfers between customers of Thai digital asset businesses would not face the 5 million baht limit per business, provided both sides use the Travel Rule.
The proposal comes as stablecoin use, especially USDT use, has grown sharply in Thailand. The SEC believes stronger controls can reduce risks tied to money laundering, cybercrime and the avoidance of international transfer rules.
The next major step will be the public consultation in September. After that process, Thailand’s SEC can adjust the proposal and decide how the final framework should work.
For the country’s crypto sector, the message is clear: stablecoins can remain part of Thailand’s digital asset market, but large and risky transfers will face much closer checks.
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