Thailand SEC don tighten rules for hidden investors for crypto firms

Thailand SEC don propose make dem tighten controls for crypto sector to handle “hidden investors” wey dey behind major shareholders for licensed exchanges, brokers, and dealers. For the draft, Thailand SEC go require regulatory approval not only for direct major shareholders wey get big voting rights or effective control, but also for people wey dey fund and support firms for real—through guarantees, structured investments, or back-to-back contractual arrangements. The aim na to reduce disguised control and illegal capital flows wey fit create legal and reputational risk for regulated entities. The proposal follow earlier tightening of Thailand look-through ownership rules (major shareholders defined as >5% voting rights directly or indirectly, or effective management/operations control) and e include 180-day review window for operators to identify newly qualifying major shareholders (starting Mar 4, 2026). Alongside ownership scrutiny, Thailand dey strengthen AML enforcement, including reports say about 10,000 “mule” wallet accounts don freeze. Thailand SEC dey also push Travel Rule framework to collect and share sender/recipient data for crypto transfers. Consultation open for public comments until April 22, with exception say if the major shareholder na government entity, review go happen at the entity level. For traders, the main impact na headline regulatory risk for Thai exchange cap tables. If the final rules from Thailand SEC require reordering ownership or funding structures, near-term liquidity and sentiment fit suffer, while medium-term effect go depend on implementation timing and definitions. Across Asia, reports suggest South Korea fit consider similar approach wey limit exchange ownership stakes (e.g., 20%).