Following the SEC’s public hearing in September 2026 on the proposed principles for the supervision of stablecoin transactions conducted through DA operators, including revisions to the rules concerning market makers (MMs), liquidity providers (LPs), source exchanges in providing services, off-platform transactions conducted by DA operators, and enhanced supervision of the collection and disclosure of information by DA operators to prevent and mitigate the risks of digital assets being used as a channel for money laundering, cybercrime, or circumvention of regulations governing international money transfers, the SEC has taken the comments and recommendations into consideration in drafting the relevant notification to enhance the clarity and appropriateness of the proposed requirements.

The SEC is therefore seeking public comments on the draft notification for supervising stablecoin transactions conducted through DA operators and enhancing the efficiency of the SEC’s supervision. The key elements are as follows:

(1) Prescribing rules governing stablecoin transfers through DA operators to prevent money laundering and circumvention of regulations governing international money transfers:
          - The originating account or digital asset wallet (wallet) from which stablecoins are transferred into a customer’s account held with a DA operator, and the destination account or wallet receiving stablecoins transferred from a customer’s account held with a DA operator, must be an account or wallet that has been verified as belonging to the same customer conducting such transfer. Transfers of stablecoins from or to an account or wallet belonging to another person are prohibited.
          In this regard, transfers involving the customer’s originating and destination accounts or wallets must comply with the Travel Rule and related requirements, including customer profiling, screening of information (whereby they must not be mule accounts, or persons or wallets that pose risks of involvement in illegal transactions), and the use of blockchain analytics tools to trace the movement of digital assets and identify any links to high-risk or watchlisted wallets.
          - The value of stablecoins transferred into and out of a customer’s account must be commensurate with the customer’s source of income and financial position. The value of inbound and outbound transfers is limited separately to 5 million baht per customer per day with each DA operator. This transfer limit does not apply to transfers between a customer’s accounts held with DA operators under the SEC’s supervision, provided that both the originating and receiving DA operators comply with the Travel Rule.
           - The aforementioned 5-million-baht transfer limit does not apply to the following: 1) customers that are DA operators, or DA operators transferring stablecoins into or out of accounts held in their own names for business purposes; 2) business operators under the supervision of the Bank of Thailand (BOT) that have obtained BOT approval to use stablecoins for business operations under a specified model on a case-by-case basis; 3) customers that are MMs for stablecoin/Thai baht trading pairs, and cases where MMs are required to transfer stablecoins through DA operators under the SEC’s supervision in order to perform their liquidity provision function; and 4) transactions involving subscriptions for and refunds of subscription payments for digital tokens approved for offering by the SEC, where the counterparties are a digital token portal service provider (ICO portal), a digital token issuer (issuer), and/or an investor. The ICO portal must establish a mechanism for refunding digital token subscription payments to the customers’ accounts held with DA operators under the SEC’s supervision, if the subscription is unsuccessful. This also includes transactions involving repayment of the initial investment and/or returns arising from holding digital tokens to the investors’ accounts.

(2) Revising the rules applicable to digital asset exchanges (DA Exchanges) regarding the supervision of MMs to provide greater clarity and transparency and enhance accountability in DA Exchanges’ supervision of their MMs
          - Require DA Exchanges to disclose on their websites the names of MMs and the digital assets for which the MMs provide liquidity.
          - Enhance the screening and supervision of MMs to prevent money laundering or cybercrime by requiring DA Exchanges to screen, monitor, and review their activities to ascertain the sources of the digital assets used in their operations and the underlying purposes of their transactions.

(3) Prescribing rules for digital asset brokers (DA Brokers) in supervising LPs to prevent LPs from being used as a channel for money laundering or cybercrime and to enhance the appropriateness of LP supervision
          - Prohibit the use of LPs for stablecoin/Thai baht transaction pairs.
          - LPs must not be located in countries or territories that have no measures or do not apply the recommendations of the Financial Action Task Force (FATF); must have anti-money laundering and counter-terrorism financing measures; must be subject to oversight by a competent regulatory authority, such as anti-money laundering or business operations; and must not be subject to any grounds for believing that they would be unable to safeguard assets securely.
          - Disclose to customers the names of LPs and any conflicts of interest between DA Brokers and LPs as information to support their use of the service.
          - Enhance the screening and supervision of LPs to prevent money laundering or cybercrime by requiring DA Brokers to screen, monitor, and review their activities to ascertain the sources of the digital assets used in their operations and the underlying purposes of their transactions.

(4) Revising the rules for DA Brokers in supervising source exchanges to enhance their appropriateness
          - Source exchanges must be subject to oversight by a competent regulatory authority, such as anti-money laundering or business operations.
          - Enhance the screening and ongoing monitoring of source exchanges to prevent money laundering or cybercrime by applying an approach comparable to the supervision of LPs.

(5) Prescribing rules governing off-platform transactions conducted by DA Brokers and digital asset dealers (DA Dealers) to prevent off-platform transaction channels from being used for money laundering or cybercrime and to enhance transparency in the disclosure of digital asset trading prices for off-platform transactions. Where a DA Broker or DA Dealer provides off-platform transaction services, it must comply with the following requirements:
          - Set the minimum value for an off-platform transaction at 3 million baht.
          - Disclose digital asset trading prices on its website or platform to enhance transparency and enable price verification.
          - Prohibit DA Brokers from conducting off-platform transactions between customers. However, a DA Broker may act as a broker or agent to arrange for a customer’s order to be matched on a DA Exchange in Thailand or overseas.

(6) Enhancing the effectiveness of the SEC’s supervision in cases where a DA operator fails to comply with the requirements for collecting and disclosing information to the SEC.
          - The SEC may order such DA operator to rectify the non-compliance or take the necessary actions within a specified period to ensure full and proper compliance with the applicable requirements.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1245 and on the Legal Hub at https://law.go.th/. Relevant parties and interested persons may submit comments via either website or by email to kanin@sec.or.th and thapanee@sec.or.th. The public hearing period ends on 26 November 2026.