Thailand’s securities regulator is going after the money behind the money. The Securities and Exchange Commission put forward new rules on 7 April 2026 that would treat funding providers of major shareholders as major shareholders themselves.
The move targets digital asset business operators and securities firms. Any person financing a direct major shareholder, even indirectly through share acquisitions, would fall under SEC approval requirements. That is a significant shift in how ownership gets defined.
Why Thailand Is Drawing a Hard Line Now
The SEC tightened its major shareholder criteria just weeks earlier. Those revised rules took effect on 4 March 2026, according to the official SEC announcement. That earlier round focused on identifying ultimate controlling persons. This new proposal goes one step further.
Regulators say financial backers tied to money laundering create legal and reputational exposure for the firms they fund. The SEC stated those risks extend to the broader financial system’s credibility. No names were attached to the concern publicly.
Guarantors count. Contractual arrangements count. Investments in instruments that make someone act as a funding provider also fall under the proposed scope. The carve-outs are narrow. Lending from Thai financial institutions and margin loans for securities trading stay exempt.
Must Read: Rwanda Shuts Bybit’s Franc P2P Move Before New Law
The Exception That Keeps Government Out
Government bodies get different treatment under the proposal. Ministries, departments, public organizations, and independent agencies set up under specific legislation only need shareholder structure checks at the entity level. The SEC reasoning is direct. Those bodies already face government supervision.
That carve-out draws a clear line between state-linked capital and private funding under scrutiny. Private financial backers get no such relief.
The consultation paper sits on the SEC’s website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1147 and on Thailand’s Legal Hub platform. Stakeholders can also send written comments directly by email to the SEC’s listed contacts for both securities and digital asset operators. The comment window closes 22 April 2026.
You Might Also Like: How the Best Crypto Marketing Agencies Scale Startups
What It Means for Digital Asset Operators
Digital asset firms operating in Thailand now face a broader ownership vetting process. A financial backer who never held a share of record could still require regulatory sign-off. That is the practical outcome if this proposal passes as written.
The SEC’s framing centers on source-of-funds verification. It is not enough to know who owns shares on paper. The regulator wants to know who put up money to buy them. That gap between legal ownership and economic backing is what the proposal tries to close.
Operators have until 22 April 2026 to push back, propose changes, or voice support. The SEC opened email channels specifically for each sector. Firms that stay quiet during this window lose their chance to shape the final rule.
Also Worth Your Time: BTC Trader Flips Bullish After Closing Leverage at Bottom
This article was created by News Coverage Agency, the best PR agency helping all firms in getting access to media.