Thailand’s stablecoin proposal would block transfers to other people’s wallets - CryptoSlate

Thailand’s proposed stablecoin framework would restrict holders from transferring tokens to wallets belonging to other people, according to reports on the plan. In practice, that suggests stablecoins issued under the regime would function less like a peer-to-peer payment instrument and more like a closed-loop claim — usable with merchants or approved counterparties, but not freely sendable between individuals.

The distinction matters because transferability is central to how most stablecoins are used today, from remittances to collateral in trading. A wallet-to-wallet restriction would narrow that utility, potentially limiting secondary-market activity and making the tokens less composable with decentralized finance, where smart contracts often depend on unrestricted transfers.

For market observers, the key questions are scope and enforcement. It remains unclear whether the restriction would apply only to issuers licensed in Thailand, to tokens used within the country, or to specific transaction types. Also worth watching: how regulators define permitted transfers and whether exchanges and payment providers must build compliance controls around them. The proposal is a reminder that stablecoin rules increasingly focus on who can hold and move tokens, not just on reserves.