Thai crypto exchanges could soon face stricter scrutiny over who is actually funding their major shareholders – not just who owns shares on paper.
A network large enough to attract indirect donors
Thailand’s Securities and Exchange Commission presented a proposal this week that would require regulatory approval not only for major direct shareholders of crypto companies, but also for anyone providing financial support to those shareholders behind the scenes.
This includes funders working through share acquisitions, guarantors and parties to contractual agreements that effectively give them a financing role.
According to the regulator, the new rules aim to cut off capital flows that could be linked to illegal activities – funds that could expose licensed companies to legal problems or harm their market position.
Source: SEC Thailand
The proposal is part of a broader initiative by Thai authorities to strengthen controls on traditional and digital finance. Reports indicate that Thai crypto platforms froze 10,000 accounts earlier this year as part of an anti-money laundering campaign.
A separate campaign targeting so-called “grey money” was launched in January, covering physical as well as digital markets.
Who gets screened – and who gets a pass
Under the proposed framework, the approval requirement would extend to financial backers of legal entities that themselves hold shares in crypto operators, and not just direct shareholders of the operators.
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– ThaiSEC_News (@ThaiSEC_News) April 7, 2026
The SEC said the rules would apply to anyone whose financial role gives them, in substance, the status of a major funder, regardless of how that deal is structured.
There is one notable exception. If a major shareholder is a government agency – a department, public agency or similar entity – the SEC has said it will only review ownership at that entity level.
Officials said these agencies were already under government oversight, making further scrutiny unnecessary.
The proposal is open for public comment until April 22.
A model taking shape across Asia
Thailand is not acting alone. Based on reports, South Korean regulators are considering a separate but related measure that would limit participation in crypto exchanges to 20%.
These back-to-back moves suggest that Asian financial watchdogs are paying closer attention to who controls – and who funds – the companies that manage public crypto transactions.
For Thai crypto companies, the practical impact of the new rules will depend heavily on how regulators define terms such as “significant funding” once the consultation period ends and a final version is drafted.
Featured image from Unsplash, chart from TradingView
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