Cryptocurrency regulation is entering a new phase as governments turn their attention to stablecoins — digital assets designed to maintain a relatively stable value, often by being linked to currencies such as the US dollar.
Thailand’s Securities and Exchange Commission has proposed new restrictions on stablecoin transactions through crypto businesses, according to a report published on November 12, 2026. The proposal includes a daily limit of five million baht, approximately US$148,000, for deposits and withdrawals per customer at each operator.
The proposed rules would also restrict stablecoin transfers through third-party wallets and require operators to verify whether a wallet belongs to the customer. Other measures include stronger compliance with the international Travel Rule, blockchain-based identification of suspicious wallets and greater disclosure of information about market makers.
The proposal reflects a wider regulatory concern: stablecoins are increasingly being used for payments, trading and international transfers, but their cross-border nature can make oversight difficult.
Unlike highly volatile cryptocurrencies, stablecoins are designed to maintain a predictable value. This makes them attractive to traders who want to move funds between digital assets without returning to traditional banking systems. They can also be used to transfer money internationally and access dollar-linked value in countries experiencing currency instability.
However, regulators are concerned about how these assets are backed, how quickly users can redeem them and whether large-scale activity could affect national financial systems.
Turkey has become another example of this regulatory challenge. On November 11, the Financial Stability Board urged the country to strengthen its crypto framework, particularly around stablecoin issuers. Turkey’s crypto market recorded nearly US$200 billion in transactions over the previous year, according to the watchdog’s review.
The FSB warned that dollar-linked stablecoins could increase the risk of digital dollarisation, where people increasingly rely on foreign-currency-linked digital assets instead of domestic money.
For crypto exchanges and financial technology companies, these developments could mean higher compliance costs and stricter customer-verification requirements. But clearer rules may also improve confidence among banks, institutional investors and businesses considering digital-asset services.
The challenge for policymakers is to protect consumers and financial stability without blocking useful innovation. Stablecoins could support faster settlement and international payments, but their growing role requires stronger transparency and risk management.
The cryptocurrency industry is therefore moving beyond the question of whether digital assets should be regulated. The debate is increasingly about how digital money should operate alongside traditional financial systems.
