Thai crypto exchanges could soon face stricter scrutiny over who is actually bankrolling their major shareholders — not just who owns shares on paper.
A Net Wide Enough To Catch Indirect BackersThat includes backers working through share acquisitions, guarantors, and parties to contractual arrangements that effectively give them a funding role.
According to the regulator, the new rules are designed to cut off capital flows that may be tied to unlawful activities — money that could expose licensed firms to legal trouble or damage their standing in the market.
A separate campaign targeting so-called “gray money” was launched in January, covering physical markets alongside digital ones.
Who Gets Reviewed — And Who Gets A PassUnder the proposed framework, the approval requirement would extend to financial supporters of legal entities that themselves hold shares in crypto operators — not just the operators’ direct shareholders.
The SEC said the rules would apply to anyone whose financial role gives them, in substance, the standing of a major funder, regardless of how that arrangement is structured.
There is one notable exception. If a major shareholder happens to be a government body — a ministry, public agency, or similar entity — the SEC said it would only look at ownership at that entity’s level.
Officials said those bodies are already under government supervision, making a deeper review unnecessary.
The proposal is open for public comment until April 22.
A Pattern Taking Shape Across AsiaThe back-to-back moves suggest that Asian financial watchdogs are paying closer attention to who controls — and who funds — the companies handling public crypto transactions.
For Thai crypto firms, the practical impact of the new rules will depend heavily on how regulators define terms like “significant funding” once the consultation period closes and a final version is drafted.
Featured image from Unsplash, chart from TradingView
