SEC Board approves principles for enhancing the supervision of stablecoin transactions conducted through digital asset business operators

Bangkok, 3 September 2026 - The SEC Board has resolved to approve the principles for the supervision of stablecoin transactions conducted through digital asset business operators (DA operators), in order to prevent and mitigate the risks of stablecoins being used as a channel for money laundering, cybercrime, and the circumvention of regulations governing international money transfers through DA operators, as well as to enhance the efficiency of the SEC's examination and supervision. A public hearing on the relevant principles will be conducted in September 2026.

The Securities and Exchange Commission (SEC) has continuously monitored and analyzed stablecoin transactions conducted by investors through the licensed DA operators. The SEC has observed a significant increase in the volume and value of stablecoin transactions, particularly those involving USDT, as well as certain transaction patterns that may pose risks related to money laundering, cybercrime, and the circumvention of regulations governing international money transfers. In response, the SEC has closely monitored these issues and made it a supervisory priority. The SEC has also collaborated with relevant stakeholders, including the Bank of Thailand, the Thai Digital Asset Operators Trade Association, and DA operators, to jointly develop additional approaches and measures to strengthen the oversight of stablecoin transactions in a concrete and effective manner. These efforts aim to mitigate the risks associated with the use of digital assets as a channel for illicit or otherwise undesirable transactions.

The SEC Board, at its meeting in September 2026, resolved to approve the principles for the supervision of stablecoin transactions conducted through DA operators and for enhancing the efficiency of the SEC's supervision, in order to prevent and mitigate the risks of stablecoins being used as a channel for money laundering, cybercrime, and the circumvention of regulations governing international money transfers through DA operators. The key elements are as follows:

(1) Prescribing rules governing the transfer of stablecoins through DA operators
- The originating account or digital asset wallet (wallet) from which stablecoins are transferred into a customer's account with a DA operator, and the destination account or wallet receiving stablecoins transferred from a customer's account with a DA operator, must be an account or wallet that has been verified as belonging to the customer conducting such transfer (transferring stablecoins into the account from another person's account, or out of the account to another person's account, is prohibited).

In this regard, the customer's originating account or wallet and the customer's destination account or wallet must comply with the Travel Rules, customer profiling, customer screening to ensure that such accounts, persons, or wallets are not associated with mule accounts or otherwise present a risk of involvement in illegal transactions, as well as the use of blockchain analytics and other monitoring tools to trace the movement of digital assets and identify any connection to high-risk or watchlist wallets.

- The value of stablecoins transferred into, or transferred out of, a customer's account with a DA operator must be consistent with the customer's source of income and financial position, whereby the inbound transfer value must not exceed 5 million baht per day per person per DA operator, and the outbound transfer value must not exceed 5 million baht per day per person per DA operator. In this regard, in the case of transfers between customer accounts through DA operators under the SEC's supervision, the transfer value limit of 5 million baht per day per DA operator does not apply (both the originating and the destination DA operators under the SEC's supervision must comply with the Travel Rule requirements.).

(2) Revising the rules for digital asset exchanges (DA Exchanges) with respect to the supervision of market makers (MMs) so that such rules are comparable to those applicable in the securities business, while being consistent with the context of digital assets, in order to enhance clarity and transparency in the supervision of MMs on DA Exchanges.

(3) Prescribing rules governing liquidity providers (LPs), as sources of liquidity for digital asset brokers (DA Brokers), to ensure supervisory standards that are appropriate to the risks involved and consistent with the supervisory approach applicable to the source exchanges that DA Brokers make available to their customers. In this regard, the LPs and the source exchanges to which DA Brokers connect must also be under the supervision of a regulatory authority (for example, in respect of anti-money laundering or business operation supervision).

(4) Prescribing supervisory guidelines for off-platform transactions conducted through DA operators, in order to enhance transparency and ensure that such transactions are conducted in accordance with the intended purpose of providing off-platform services (for example, for big lot transactions).

Mrs. Pornanong Budsaratragoon, SEC Secretary-General, said: "The SEC is committed to supervising the capital market and the digital asset market in a manner that keeps pace with relevant developments and risks. This enhancement of the supervisory approach to stablecoin transactions is aimed at preventing and mitigating the risks of stablecoins being used inappropriately, together with protecting investors and supporting the development of Thailand's digital asset market to be credible and transparent, and to grow sustainably. In this regard, the SEC will conduct a public hearing with relevant parties in September 2026, the results of which will be used in further consideration of the revision of the rules."

The SEC will continue to coordinate closely with all relevant stakeholders to strengthen, in a systematic manner, the prevention and deterrence of money laundering in Thailand's capital and digital asset markets. These efforts will help enhance investor confidence, prevent the misuse of digital assets, and support the sustainable development of the digital asset market under appropriate and efficient supervision.