Thailand’s Securities and Exchange Commission has floated a draft rule that would cap stablecoin deposits and withdrawals at 5 million baht – roughly $148,000 – per customer, per day, at each SEC-supervised digital asset operator. The proposal, part of a broader tightening aimed at money laundering and cybercrime, would be among the strictest daily flow limits on stablecoins anywhere in Asia.
The cap would apply to deposits and withdrawals separately, and the draft would bar transfers to third-party wallets outright: money could only move between accounts or wallets verified as belonging to the same customer. A companion proposal sets a minimum transaction value of 3 million baht – about $91,000 – for off-platform trades handled by brokers and dealers.
What the Thailand stablecoin cap actually covers
The 5 million baht threshold is not a limit on holdings or trading volume – it is a limit on the daily fiat gateway. A customer could hold far more; they simply could not move more than the cap in or out of an operator’s platform within 24 hours. For retail users, $148,000 a day is an enormous ceiling. For larger traders and businesses, it is a genuine constraint that pushes volume toward bank rails or offshore venues.
The SEC’s stated rationale is blunt: combat money laundering, cybercrime, and the circumvention of cross-border money transfer rules – the same three anxieties driving stablecoin legislation from the GENIUS Act in the US to MiCA in Europe.
Exemptions under consideration
The draft leaves carve-outs for registered market makers, operators approved by the Bank of Thailand, Travel Rule-compliant transfers between accounts held at Thai-regulated operators, and certain commercial or liquidity-purpose transfers made through accounts in a company’s own name. Those exemptions suggest the regulator is trying to throttle illicit flow without strangling legitimate market liquidity – the balancing act every supervisor is attempting in 2026.
Consultation timeline and what comes next
The rules remain a draft proposal – not finalized, not implemented. Public comment windows reported in the crypto press run through late November 2026, though earlier consultation rounds have been reported since February, so the timeline has been unusually layered for this file.
Thailand has positioned itself as an ambitious digital asset hub, from tourism-linked payments pilots to exchange licensing. A hard daily cap, if finalized as written, would test how far that ambition can stretch alongside the anti-money-laundering playbook the country is copying from larger markets. Operators, exchanges and Thai baht-pegged stablecoin projects will be watching the final language closely – the difference between a exemption-friendly rule and a blunt instrument is measured in liquidity.
