Thailand's Crypto Regulators Target Hidden Financiers to Close Ownership Gaps

Licensed crypto exchanges, brokers, and dealers in Thailand must now identify and disclose any financial backers who provide guarantees, structured financing, or layered investment support to their principal shareholders. The Securities and Exchange Commission is preparing rules that treat these backers as major shareholders, regardless of whether they appear on ownership records. This includes anyone providing financial support—directly or indirectly—to a controlling stakeholder, such as those financing equity purchases or backing holding companies. Parties with more than five percent voting rights or indirect operational control are now subject to regulatory accountability. To identify these parties, regulators will employ look-through tests to trace capital flows through guarantors, investment vehicles, and structured agreements. Conventional bank financing and regulated margin lending remain outside the scope of these rules. Companies have 180 days to update disclosures and seek approval for newly identified major shareholders. Firms relying on hidden financiers must now restructure or face noncompliance.