Thailand’s SEC Proposes Same-Owner Rule for Stablecoin Transfers

Thailand’s Securities and Exchange Commission has unveiled a proposed framework that would require stablecoin transfers conducted through licensed crypto firms to originate from and settle into accounts verified as belonging to the same customer. The measure is currently open for public consultation and has not yet taken effect as a binding regulation.

Under the consultation principles approved by the SEC Board on September 3, stablecoins deposited into a customer’s account at a digital asset operator must be received from an account or wallet independently verified as the customer’s own. Similarly, all withdrawals must be directed to an account or wallet confirmed as belonging to that customer.

The implication is unambiguous: receiving a stablecoin deposit from another individual’s account, or sending a withdrawal to one, would be expressly prohibited.

How the Proposed Ownership Verification Would Operate

As drafted, the restriction would prevent customers from using any Thai SEC-supervised platform to receive stablecoin transfers from another person’s wallet or to send stablecoins to a third party’s wallet. However, the rule’s scope is confined to transfers executed through regulated digital asset operators and does not extend to peer-to-peer transactions conducted entirely outside those firms.

The proposal would further mandate that stablecoin transfer amounts remain consistent with a customer’s declared income source and financial standing. Both inbound and outbound transfers would be subject to a ceiling of 5 million baht per day, per person, per operator.

This cap would not apply to transfers routed between customer accounts through SEC-supervised operators, provided both firms adhere to the Travel Rule. The September 11 consultation also enumerates exemptions for specific operator business transfers, certain Bank of Thailand-authorized operators, and stablecoin-baht market makers. It remains uncertain whether this exemption would interact with the separate same-owner test, and further consultation may clarify these provisions.

The SEC stated that it developed the measures following observations of substantial growth in stablecoin transaction volume and value, particularly involving USDT. The commission also cited patterns it associated with elevated risks of money laundering, cybercrime, and circumvention of regulations governing international remittances.

The ownership verification requirement would operate independently from Thailand’s finalized Travel Rule. That regulation obliges digital asset operators to collect identifying information about transfer parties, screen counterparties, and verify ownership or control of certain self-hosted wallets. The Travel Rule is scheduled to take effect on February 27, 2027.

As structured, the stablecoin proposal would impose an additional condition when a transfer crosses the boundary of a licensed operator: the external sending or receiving account must belong to the platform’s customer rather than to an unrelated individual.

On September 11, the SEC launched a public consultation on the proposal, with submissions due by September 25, 2026. No effective date has been announced for the proposed stablecoin restrictions. Until final rules are promulgated, the same-owner requirement remains a proposal under consideration.

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