Thailand’s Securities and Exchange Commission (ก.ล.ต.) posted a press release on its website on November 12 (Ref. No. 253/2569), inviting public comment on a draft regulation concerning “stablecoin transfers through digital asset service providers.” This is the formal draft, incorporating market feedback received after an initial consultation on the principles in September.
One particularly strict provision: stablecoin transfers into or out of a customer account through a licensed institution would, in principle, be capped at 5 million baht per person, per day, per institution, and must be consistent with the customer’s income and financial circumstances. Wallet transfers must be made to or from an account verified in the customer’s own name; transfers from or to someone else’s wallet are not allowed. However, customer-to-customer transfers between two Thai licensed institutions that both comply with the Travel Rule are exempt from the 5-million-baht cap. Other exceptions apply, including market-making and stablecoin services supervised by the central bank. The consultation closes on November 26.
This is still only a draft; it has not yet taken effect. #Stablecoins
One particularly strict provision: stablecoin transfers into or out of a customer account through a licensed institution would, in principle, be capped at 5 million baht per person, per day, per institution, and must be consistent with the customer’s income and financial circumstances. Wallet transfers must be made to or from an account verified in the customer’s own name; transfers from or to someone else’s wallet are not allowed. However, customer-to-customer transfers between two Thai licensed institutions that both comply with the Travel Rule are exempt from the 5-million-baht cap. Other exceptions apply, including market-making and stablecoin services supervised by the central bank. The consultation closes on November 26.
This is still only a draft; it has not yet taken effect. #Stablecoins
