Thailand SEC Drafts Rules to Scrutinize Hidden Backers of Major Crypto Shareholders

Thailand's Securities and Exchange Commission has proposed new rules that would treat anyone financing a major shareholder of a crypto company as a major shareholder as well, making them subject to full regulatory checks. The draft is aimed at uncovering capital concealed through intermediaries and layered corporate structures. Current requirements focus on direct shareholders. Under the proposal, oversight would also extend to guarantors, structured financing arrangements and investment vehicles connected to shareholder funding. The SEC said the measures build on amendments introduced in March 2026 to identify the true controlling individuals behind crypto businesses. Undisclosed sources of funding, the regulator warned, can heighten money-laundering risk and expose firms to reputational harm and legal liability. Government-related entities would be exempt from entity-level ownership examinations. Thailand has more than 7 million domestic digital-asset holders, about one in ten adults.