> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # Thailand Stablecoin Transfer Cap: SEC Proposes 5M Baht Daily Limit - URL: https://stablecoininsider.org/thailand-stablecoin-transfer-cap/ - Published: 2026-11-13T07:18:10.000Z - Updated: 2026-11-13T07:18:15.000Z - Description: Thailand's SEC proposed on 12 Nov 2026 a 5M baht (about $147,900) daily cap on stablecoin deposits and withdrawals per customer at each licensed operator, plus an own-wallet rule. Exemptions, changes since September and the 26 Nov deadline. - Author: Milos Djukanovic - Tags: News, Stablecoin Regulations, Asia, Stablecoin Compliance Thailand wants to cap how much stablecoin a customer can move in and out of a licensed crypto platform. On 12 November 2026 the Securities and Exchange Commission of Thailand (SEC) opened comments on draft rules that would limit stablecoin deposits and withdrawals to 5 million baht each, per customer, per day, at each licensed digital asset operator, and ban transfers to or from anyone else's wallet ([SEC release text via ThaiPR.net](https://www.thaipr.net/finance/3777703); [SEC consultation page](https://www.sec.or.th/TH/Pages/PB%5FDetail.aspx?SECID=1245)). Comments close on 26 November 2026\. At the European Central Bank's 12 November reference rates, 5 million baht is about **$147,900**, in line with the roughly $148,000 that [Cointelegraph](https://cointelegraph.com/news/thailand-tighter-stablecoin-rules-crypto-exchange) reported. The draft turns principles the SEC first floated on [11 September 2026](https://www.sec.or.th/EN/Pages/News%5FDetail.aspx?SECID=13335) into notification text, with one new exemption. ## Key Takeaways - Stablecoin deposits and withdrawals would each be capped at 5 million baht (about $147,900) per customer, per day, at each licensed operator. - Customers could only move stablecoins to and from accounts or wallets verified as their own; third-party transfers would be banned. - Moves between a customer's own accounts at two SEC-licensed Thai operators are exempt from the cap if both firms apply the Travel Rule. - New since September: token-offering subscriptions and refunds through SEC-approved ICO portals are exempt too. - Exchanges would have to name their market makers; brokers could not use liquidity providers for stablecoin/baht pairs; off-platform trades would need a 3 million baht minimum. ## What did Thailand's SEC propose on 12 November 2026? Thailand's SEC proposed draft notifications that tighten how stablecoins move through licensed digital asset (DA) operators such as exchanges, brokers and dealers. The stated aim is to stop stablecoins being used for money laundering, cybercrime or to get around international money-transfer rules ([SEC release](https://www.thaipr.net/finance/3777703)). The transfer rules have three parts: - **Own wallets only.** The sending account or wallet for a deposit, and the receiving one for a withdrawal, must be verified as belonging to the customer making the transfer. - **Screening.** Those wallets must meet Travel Rule requirements, customer profiling and screening (no mule accounts or high-risk parties), and blockchain-analytics checks for links to risky or watchlisted wallets. - **A value test plus a hard cap.** Transfer values must fit the customer's income and financial position, and inbound and outbound transfers are each capped at 5 million baht per day per operator. The SEC's comment form splits the transfer rules into three cases: transfers to or from other people's accounts, transfers to the customer's own account at a foreign operator or a private wallet, and transfers between the customer's own accounts at Thai operators ([consultation page](https://www.sec.or.th/TH/Pages/PB%5FDetail.aspx?SECID=1245)). That split shows where the cap bites. It covers money moving between Thai platforms and offshore exchanges or self-custody, not between two Thai platforms. ## How much is 5 million baht in US dollars? 5 million baht is about $147,900 at the [ECB euro reference rates](https://www.ecb.europa.eu/stats/policy%5Fand%5Fexchange%5Frates/euro%5Freference%5Fexchange%5Frates/html/index.en.html) for 12 November 2026 (1 EUR = 37.470 THB and 1 EUR = 1.1081 USD, giving 33.81 baht per dollar). The table converts each baht threshold in the draft at that rate. Exchange rates move daily, so treat the dollar figures as approximate. | Draft threshold | Baht | US$ (approx.) | | -------------------------------------------------------- | ---------- | ------------- | | Daily stablecoin deposits, per customer, per operator | 5,000,000 | $147,900 | | Daily stablecoin withdrawals, per customer, per operator | 5,000,000 | $147,900 | | Both directions combined at one operator | 10,000,000 | $295,700 | | Minimum off-platform (OTC) trade at a broker or dealer | 3,000,000 | $88,700 | Two points follow from the wording. Because the cap applies at each operator, a customer with accounts at several licensed platforms would have a separate allowance at each one. And because own-account moves between Thai operators are exempt, the cap mainly limits money crossing the border of the Thai licensed system. ## Who is exempt from the 5 million baht cap? Five groups are exempt from the 5 million baht cap under the 12 November draft ([SEC release](https://www.thaipr.net/finance/3777703)): - Transfers between a customer's own accounts at SEC-licensed Thai operators, if both operators apply the Travel Rule. - DA operators themselves, moving stablecoins in or out of accounts in their own name for business purposes. - Businesses supervised by the Bank of Thailand that have case-by-case approval from the central bank to use stablecoins under a specified model. - Market makers for stablecoin/baht pairs, including transfers they need to make through licensed operators to provide liquidity. - Subscriptions and refunds for SEC-approved digital token offerings where the counterparties are an ICO portal, the issuer and/or investors, plus repayments of principal or returns to investors. ICO portals must be able to refund failed subscriptions to the customer's account at a Thai operator. The exemptions don't lift the ban on third-party transfers. They only take some flows outside the daily limit. ## What changed from the September proposal? The core rules are the same as the principles the SEC put out for comment on [11 September 2026](https://www.sec.or.th/EN/Pages/News%5FDetail.aspx?SECID=13335), but the November draft adds detail. We compared the September English release with the 12 November release text. Rows link to each source. | Rule | 11 Sep principles | 12 Nov draft | | --------------------------------------- | --------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- | | Own-wallet only, Travel Rule, analytics | [Proposed](https://www.sec.or.th/EN/Pages/News%5FDetail.aspx?SECID=13335) | [Kept](https://www.thaipr.net/finance/3777703) | | 5M baht daily cap, each direction | [Proposed](https://www.sec.or.th/EN/Pages/News%5FDetail.aspx?SECID=13335) | [Kept](https://www.thaipr.net/finance/3777703) | | ICO portal subscriptions and refunds | [Not listed](https://www.sec.or.th/EN/Pages/News%5FDetail.aspx?SECID=13335) | [Exempt (new)](https://www.thaipr.net/finance/3777703) | | Broker routing of off-platform orders | [Via DA exchanges](https://www.sec.or.th/EN/Pages/News%5FDetail.aspx?SECID=13335) | [Via Thai or foreign DA exchanges](https://www.thaipr.net/finance/3777703) | | When rules apply | Not stated | [60 days after the notice takes effect](https://www.sec.or.th/TH/Pages/PB%5FDetail.aspx?SECID=1245) | The new ICO-portal exemption matters for Thailand's token-offering market. Without it, investors paying for an approved token offering in stablecoins could hit the same daily cap as an ordinary withdrawal. ![Timeline of Thailand SEC stablecoin rules: 11 Sep consultation, 12 Nov draft, 26 Nov comment deadline, rules 60 days after notice.](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/11/thailand-sec-stablecoin-transfer-cap-timeline-graphic.webp) Graphic: Stablecoin Insider. Source: [SEC release, 11 Sep 2026](https://www.sec.or.th/EN/Pages/News%5FDetail.aspx?SECID=13335), [SEC release, 12 Nov 2026](https://www.thaipr.net/finance/3777703) and [SEC consultation page](https://www.sec.or.th/TH/Pages/PB%5FDetail.aspx?SECID=1245), read 13 Nov 2026. ## What else does the draft change for Thai exchanges and brokers? The draft also tightens rules for exchanges, brokers and dealers, with market makers, liquidity providers and off-platform trades all under closer watch ([SEC release](https://www.thaipr.net/finance/3777703)): - **Exchanges** must publish the names of their market makers and the assets each one supports, and screen and monitor market makers' sources of funds and trading purposes. - **Brokers** may not use liquidity providers for stablecoin/baht pairs. Other LPs must not be in jurisdictions that fail to apply FATF recommendations, must be regulated, and must be disclosed to customers along with any conflicts of interest. - **Source exchanges** that brokers route orders to must be supervised by a regulator and screened like LPs. - **Off-platform trades** by brokers and dealers need a minimum of 3 million baht, with prices published on the operator's website or platform. Brokers can't match customers directly off-platform. - **Enforcement:** the SEC could order operators that fail to collect or disclose required information to fix it within a set period. ## How does Thailand's approach compare with Brazil's? Thailand's plan is stricter on volume than Brazil's proposal. As we reported, Brazil's central bank in June 2026 floated a 24-hour hold on stablecoin transfers of $10,000 or more sent abroad or to self-custody wallets ([our Brazil report](https://stablecoininsider.org/brazils-central-bank-proposes-24-hour-hold-on-large-dollar-stablecoin-transfers-in-third-tightening-move-this-year/)). Brazil delays large transfers. Thailand would cap the daily amount, ban third-party transfers outright and exempt moves inside its own licensed system. Both treat stablecoins leaving the regulated perimeter as a capital-flow question as much as an AML one. [Brazil's Central Bank Proposes 24-Hour Hold on Large Dollar Stablecoin TransfersHow Brazil's draft rule would delay stablecoin transfers of $10,000 or more sent abroad or to self-custody.![](https://stablecoininsider.org/favicon.ico)Stablecoin Insider](https://stablecoininsider.org/brazils-central-bank-proposes-24-hour-hold-on-large-dollar-stablecoin-transfers-in-third-tightening-move-this-year/) ## What is still unclear? Three things are still unclear. Neither the release nor the consultation page gives a date when the notification will take effect, only that the stablecoin rules apply 60 days after it does. The release does not say how operators must prove that a private wallet belongs to the customer. And it does not say how the income-and-financial-position test will be applied to transfers under the 5 million baht cap. ## Stablecoin Insider's take 💬 **Stablecoin Insider's take:** This is as much a capital-flow control as an AML rule. The SEC itself names getting around international money-transfer rules as a target, and the exemptions show the cap is aimed at stablecoins leaving Thailand's licensed system. Few retail users move 5 million baht a day. OTC desks, P2P traders and cross-border payment flows are far more likely to hit it. The own-wallet rule is the bigger change: it ends the use of Thai exchange accounts as a pass-through to third parties. For operators, the work is compliance plumbing: wallet-ownership checks, Travel Rule coverage on both legs, and per-customer daily counters on each side. Firms comparing screening vendors can start with our [stablecoin compliance tools guide](https://stablecoininsider.org/stablecoin-compliance-tools/). [Compare APAC stablecoin rules](https://stablecoininsider.org/apac-stablecoin-regulation/) Comparing Asian regimes? See how Singapore, Hong Kong, Japan and Taiwan license stablecoins in our [APAC stablecoin regulation guide](https://stablecoininsider.org/apac-stablecoin-regulation/). For the full picture, see our [Stablecoin regulation hub](https://stablecoininsider.org/stablecoin-regulation-hub/). ## FAQ #### Can I send USDT from a Thai exchange to a friend's wallet under the draft? No, you could not send USDT from a Thai exchange to a friend's wallet under the draft. Withdrawals would have to go to an account or wallet verified as your own, and transfers to or from another person's account would be prohibited (SEC release). #### Can I still withdraw stablecoins to my own hardware wallet? Yes, you could still withdraw to your own hardware wallet if it is verified as yours. The SEC's consultation lists transfers to the customer's own private wallet as a separate case (consultation page), and those withdrawals would count toward the 5 million baht daily cap at that operator. #### Does the cap apply to bitcoin or other crypto? No, the cap as drafted does not apply to bitcoin or other crypto. The release sets the transfer cap for stablecoins only and does not extend the 5 million baht limit to other digital assets (SEC release). #### How can I comment on the draft? You can comment on the draft through the SEC consultation page, Thailand's central law portal (law.go.th), or by email to the SEC staff listed on the consultation page, until 26 November 2026. ## What happens next? Next, the comment window closes on 26 November. The SEC will then decide the final text and publish the notification. The stablecoin, market-maker, LP, source-exchange and off-platform rules apply 60 days after the notification takes effect, so Thai operators would have about two months to build wallet-ownership checks and daily counters once a date is set. Watch for changes to the exemptions, especially for payment firms approved by the Bank of Thailand. Sources: [Thai SEC release on the stablecoin draft notification (12 Nov 2026, Thai text via ThaiPR.net)](https://www.thaipr.net/finance/3777703); [Thai SEC consultation page and comment form](https://www.sec.or.th/TH/Pages/PB%5FDetail.aspx?SECID=1245); [Thai SEC release No. 191/2026 on the proposed principles (11 Sep 2026)](https://www.sec.or.th/EN/Pages/News%5FDetail.aspx?SECID=13335); [ECB euro foreign exchange reference rates (12 Nov 2026)](https://www.ecb.europa.eu/stats/policy%5Fand%5Fexchange%5Frates/euro%5Freference%5Fexchange%5Frates/html/index.en.html); [Cointelegraph (12 Nov 2026)](https://cointelegraph.com/news/thailand-tighter-stablecoin-rules-crypto-exchange); [crypto.news (12 Nov 2026)](https://crypto.news/thailand-stablecoin-daily-transfer-limits/). All read on 13 November 2026. --- This content is provided for informational and educational purposes only and doesn't constitute financial, investment, legal or tax advice. The Thai SEC rules described are a draft open for comment and may change. Dollar conversions use ECB reference rates for 12 November 2026 and are approximate. Figures and rule text were read on 13 November 2026\. It isn't a recommendation to buy, sell, hold or transfer USDT or any other stablecoin or digital asset, or to use any exchange, broker or ICO portal. Operators should take Thai legal advice.