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Thailand SEC Proposes 5 Million Baht Daily Cap on Stablecoin Transfers

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Key takeaways

  • Thailand’s Securities and Exchange Commission proposed separate daily limits of 5 million baht (about $148,000) on stablecoin deposits and withdrawals per customer at each regulated operator.
  • Stablecoin transfers to or from other people’s wallets would be banned, and operators must verify that customers own the wallets they use.
  • The SEC is taking public comments on the draft until Nov. 26, 2026.

Thailand’s Securities and Exchange Commission has proposed capping stablecoin deposits and withdrawals at 5 million baht ($148,000) per customer per day at each regulated crypto operator, Cointelegraph reported. The regulator said the draft aims to curb money laundering, cybercrime and attempts to bypass international money transfer rules.

The limits would apply separately, so a customer could deposit up to 5 million baht and withdraw up to 5 million baht a day at each operator, according to the SEC’s Nov. 12 announcement. Transfer values would also have to match a customer’s source of income and financial position.

The draft would ban stablecoin transfers to or from other people’s accounts or wallets. Operators would have to verify that sending and receiving wallets belong to the customer, apply the Travel Rule, screen out mule accounts and risky wallets, and use blockchain analytics to trace links to watchlisted addresses.

Some transfers would be exempt from the cap. These include moves between a customer’s own accounts at Thai SEC-supervised operators where both firms apply the Travel Rule, business transfers by digital asset operators in their own names, and firms supervised by the Bank of Thailand with case-by-case approval to use stablecoins.

Market makers for stablecoin-baht trading pairs would also be exempt when they need to move stablecoins to provide liquidity. So would subscriptions and refunds in SEC-approved digital token offerings handled through licensed ICO portals.

Tighter Rules for Market Makers and Brokers

The draft goes beyond stablecoins. Crypto exchanges would have to publish the names of their market makers and the assets they support. Brokers would be barred from using liquidity providers for stablecoin-baht pairs, and liquidity providers could not be based in jurisdictions that do not apply Financial Action Task Force standards.

Brokers would also have to disclose their liquidity providers and any conflicts of interest with them to clients. The overseas exchanges that brokers route orders to, known as source exchanges, would need to be under a regulator’s supervision and face the same screening standards as liquidity providers.

Off-platform trades by brokers and dealers would need a minimum value of 3 million baht, with prices published on their websites or platforms. Brokers could not match off-platform trades directly between their own clients. The SEC could also order operators to fix failures in collecting or disclosing required information within a set period.

The proposal follows a September consultation on the same principles, and the SEC said it took that feedback into account. The September paper had already floated the same 5 million baht limit. The draft also comes months after Thailand’s Cabinet approved digital assets as underlying assets for derivatives.

What happens next: comments on the draft can be sent through the SEC website, Thailand’s central law portal or by email until Nov. 26, 2026.

Crypto

Nvidia Names Colette Kress Interim CEO After Jensen Huang Resigns

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Nvidia Names Colette Kress Interim CEO After Jensen Huang Resigns

Key takeaways

  • Nvidia’s board accepted Jensen Huang’s resignation as president, chief executive and a director on Nov. 11, effective immediately, and named Chief Financial Officer Colette Kress as interim CEO.
  • Nvidia shares closed down 4.3% on Thursday after falling more than 13% at the open, according to CNBC.
  • Bitcoin traded as low as $71,200 on Thursday, The Block reported, and fell further below $70,000 on Friday.

Nvidia’s board accepted Jensen Huang’s resignation as president, chief executive and a director on Nov. 11 and named Chief Financial Officer Colette Kress interim CEO, the company said on Nov. 12. Shares closed down 4.3%, according to CNBC, as bitcoin also fell.

In an official announcement, Nvidia said Kress, its executive vice president and chief financial officer since 2013, will keep those roles while she serves as interim chief executive. The board said it has begun a search for a permanent successor and will consider both internal and external candidates.

The board also appointed longtime director Harvey C. Jones as its first chair. An SEC filing dated Nov. 12 said Jones, 73, has served on the board since 1993 and is managing partner of Square Wave Ventures. The filing said the board accepted the resignation of Jen-Hsun Huang, Huang’s legal name, effective immediately.

“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” Jones said in the company’s statement. He added that the board has “full confidence in Colette and the leadership team” and expects operations, customer commitments and the product roadmap “to continue without interruption.”

“NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” Kress said. She said the company would keep serving its customers, partners, developers and shareholders.

Nvidia’s announcement and its filing did not give a reason for the resignation. Reuters and The Associated Press reported that Huang stepped down after revelations of extramarital affairs, including one involving a woman U.S. authorities suspect of spying for China.

Shares Slide, and Crypto Follows

CNBC said Nvidia shares plunged more than 13% at the open on Thursday, hitting a 52-week low early in the session, before finishing 4.3% lower. The network said the stock had been on track to close below a $4 trillion market value for the first time since July 2025, then rose just above that mark into the close.

Reuters reported the same 4.3% decline at the close, with a 1% bounce in after-hours trading, and said shares of rivals Advanced Micro Devices and Broadcom each rose about 6%.

Bitcoin fell to as low as $71,200 on Thursday, its weakest level in nearly 12 weeks, and was down 3.4% at $71,600 when The Block published. Ether, Solana and XRP each declined more than 3.5% over 24 hours. More than $750 million in crypto positions were liquidated, including over $634 million in long positions, according to CoinGlass data cited by The Block.

The selling continued into Friday, when bitcoin fell below $70,000 and liquidations reached $1.47 billion, CoinReporter reported, with Nvidia’s leadership change cited among the pressures on the market. A hotter-than-expected October inflation reading earlier in the week had already raised bets on a larger Federal Reserve rate increase in December.

Nvidia said it will report fiscal third-quarter 2027 results on Tuesday, Nov. 17, as previously scheduled, followed by an earnings call. The company did not give a timetable for naming a permanent chief executive.

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