Thai SEC proposes new regulations for stablecoin transfers

The Thai Securities and Exchange Commission (SEC) has opened a public consultation on proposed regulations for stablecoin transfers involving crypto service providers. The proposal aims to prohibit transfers between customer accounts and third-party accounts or private wallets, requiring that deposits and withdrawals be limited to accounts or wallets owned and managed by the customer. Transfers between a customer's own overseas accounts or private wallets and domestic accounts are capped at 5 million baht per day. The regulations also mandate strict adherence to the Travel Rule, wallet screening, and transaction monitoring to mitigate risks related to money laundering and cybercrime. The consultation period runs until September 25.