Thailand’s Securities and Exchange Commission is considering implementing a same-owner requirement for stablecoin transfers through licensed crypto firms. While this proposal is still in the consultation stage and not yet a rule, it could have a significant impact on how customers can move stablecoins like USDT.
According to the consultation principles approved by the SEC Board on September 3, stablecoins entering a customer account at a digital asset operator would need to come from an account or wallet verified as belonging to that customer. Similarly, withdrawals would have to go to an account or wallet verified as the customer’s own. This means that a stablecoin deposit from another person’s account or a withdrawal to another person’s account would be prohibited.
The proposed ownership gate would only apply to transfers conducted through supervised digital asset operators, not peer-to-peer transfers that occur outside of these firms. The restriction aims to prevent customers from using Thai SEC-supervised platforms to receive transfers from someone else’s wallet or send stablecoins to another person’s wallet.
Additionally, the proposal would require stablecoin transfer values to align with a customer’s income source and financial position. Inbound and outbound transfers would be capped at 5 million baht per day, per person, per operator. However, transfers between customer accounts through SEC-supervised operators that comply with the Travel Rule would be exempt from this cap.
The SEC developed these measures in response to the significant growth in stablecoin transaction volume, particularly involving USDT, and the associated risks of money laundering, cybercrime, and circumvention of international money transfer rules.
The ownership test is separate from Thailand’s finalized Travel Rule, which goes into effect on February 27, 2027. This rule requires digital asset operators to collect information about transfer parties, verify ownership or control of certain self-hosted wallets, and check counterparties.
The public consultation for the proposed stablecoin restrictions was opened on September 11, with comments due by September 25, 2026. The effective date for these restrictions has not been announced, and until final rules are issued, the same-owner requirement remains a proposal.