Thailand SEC Proposes Rules to Expose Hidden Backers of Crypto Firms

Overview

• Thailand’s securities regulator, which published draft rules Wednesday, opened a consultation through April 22 to gather feedback on tighter funding disclosures for crypto and securities firms.
• Under the proposal, anyone who finances a major shareholder — including those bankrolling share purchases or funding holding companies in an ownership chain — would be treated as a major shareholder and face approval checks.
• The framework extends oversight to indirect funding channels such as guarantees, structured deals, investment vehicles, and money routed through intermediaries or layered corporate structures used to mask influence.
• The draft carves out routine, regulated lending by banks and margin loans, a move meant to avoid disrupting standard financing while requiring more disclosure from crypto operators and their backers.
• Regulators present the shift as a market‑integrity step that builds on earlier campaigns this year that monitored suspicious flows and led exchanges to freeze thousands of flagged accounts.