Thailand Proposes $148,000 Daily Limit for Stablecoins

Thailand's Securities and Exchange Commission has introduced a proposal to limit daily deposits and withdrawals of stablecoins. The set ceiling is 5 million baht, equivalent to 148,000 dollars, per client at each regulated operator.

The regulatory body seeks to reduce cybercrime and money laundering practices. The measure also aims to prevent users from bypassing international fund transfer regulations.

The new rules prohibit transactions with third-party wallets. Exchanges must verify that the client is the legitimate owner of the account or wallet used in operations.

Industry firms will need to comply with the Travel Rule to share transfer data. Furthermore, the use of blockchain analysis tools will be mandatory to identify suspicious activities.

Exchanges must disclose the names of liquidity providers and the assets traded. Brokers are prohibited from using external providers for stablecoin pairs against the local currency.