Bank of Thailand plans 2027 baht stablecoin rules and pauses new money changer licences

The Bank of Thailand plans to issue rules for a baht-backed stablecoin in March 2027 and will not accept new money changer licence applications during 2027.

Businesses seeking to open exchange operations next year must submit applications between December 1 and 30, 2026, under the current rules. From 2028, the central bank plans to open two application periods each year, in March and September, with tougher licensing standards.

Pimpan Charoenkwan, the Bank of Thailand’s assistant governor for financial markets, said on November 5 that licensed money changers would face higher standards matched to each business’s risk level. The aim is to prevent the businesses from being used to support illegal activity. Existing operators will be brought up to the new standards before new applicants are considered.

Governor Vitai Ratanakorn told Prachachat Turakij that the proposed stablecoin would be pegged one to one to the baht and fully backed by assets. The second hearing on the central bank’s principle paper was extended from 10 to 30 days at stakeholders’ request. Siam Blockchain reported that the consultation will close on November 17, with another hearing expected after the rules are drafted.

Vitai said the coin is intended to allow crypto investors who sell Bitcoin or Ethereum to hold their funds without converting them back into baht in a bank account or using a foreign-currency stablecoin such as USDT. Possible future uses include payments, transfers between systems and programmable payments that execute when set conditions are met.

The central bank plans to regulate stablecoin issuers and digital wallet providers separately. It may initially limit the number of issuers to about two, following approaches used in Hong Kong and Singapore.

Issuers would have to hold bank deposits covering 100% of the coins in circulation, provide one-to-one redemption within one business day, pay no interest and publish figures for coins issued and deposits held. They would also have to be able to freeze or destroy coins used illegally.

Wallet providers would be required to verify every user’s identity, permit transfers only between wallets that have passed know-your-customer checks, keep auditable transaction records and assist users with problems. They would not be allowed to serve digital-asset businesses based overseas, meaning foreign residents and visitors could only hold the coin in a verified Thai wallet.

Vitai said the stablecoin project was separate from the government’s crackdown on illicit funds. The Bank of Thailand and the Securities and Exchange Commission are reviewing USDT use after finding unusually high trading volume in Thailand.

The money changer measures follow additional checks on cash deposits of B5 million or more introduced by banks on November 1. The checks also cover foreign-currency transactions at the same daily threshold, while electronic banking transactions are excluded.