CryptoSlate
Thailand's Securities and Exchange Commission has proposed a same-owner requirement that would bar customers at licensed digital asset operators from sending $USDT to, or receiving $USDT from, another person's wallet. Approved by the SEC Board on Sept. 3 and opened for public consultation on Sept. 11, the draft would also cap inbound and outbound stablecoin transfers at 5 million baht per customer, per operator, per day. Comments are due by Sept. 25, 2026, and no effective date has been announced.
Why it matters
The proposal layers a stricter ownership gate on top of Thailand's finalized Travel Rule, which takes effect Feb. 27, 2027 and already requires digital asset operators to identify counterparties and verify ownership of certain self-hosted wallets. Read together, the two regimes would force supervised platforms to refuse any stablecoin transfer where the counterparty wallet cannot be verified as the platform customer's own. Peer-to-peer transfers outside supervised firms sit outside the rule's reach entirely, as do the carve-outs for Travel Rule-compliant inter-account flows, Bank of Thailand-authorized operators and stablecoin/baht market makers.
Market impact
Thailand's stablecoin market, and $USDT in particular, has been a flashpoint for AML and cybercrime concerns, which the SEC cited as the rationale for the new measure. Functionally, the same-owner gate would turn every supervised venue into a closed-loop transfer system for retail users: a customer can move $USDT between their own verified wallets and the platform, but cannot use the platform as a settlement layer for a transfer to a friend, family member or counterparty. Whether the market-maker cap waiver also exempts those firms from the ownership test is one of several open questions the consultation will need to clarify.
Frequently asked questions
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What is Thailand's SEC proposing for stablecoin transfers?
Thailand's SEC has proposed a same-owner rule that would require stablecoin deposits and withdrawals at licensed digital asset operators to come from, or go to, wallets verified as the platform customer's own.
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Who would be exempt from the proposed 5M-baht daily cap?
The cap exemption would cover transfers between customer accounts at SEC-supervised operators that both comply with the Travel Rule, along with specified operator business transfers, Bank of Thailand-authorized operators and stablecoin/baht market makers.
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When does Thailand's Travel Rule take effect?
Thailand's finalized Travel Rule takes effect on Feb. 27, 2027. It requires digital asset operators to collect counterparty information and verify ownership of certain self-hosted wallets.
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Does the same-owner proposal have an effective date?
No effective date has been announced. The SEC opened the public consultation on Sept. 11, 2026, with comments due by Sept. 25, 2026.
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Does the same-owner rule apply to peer-to-peer transfers?
No. The restriction applies only to transfers conducted through supervised digital asset operators. Peer-to-peer transfers that take place entirely outside licensed firms remain outside the rule's reach.
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