Thailand's SEC plans to include behind-the-scenes funds of crypto companies in shareholder regulatory review

The Securities and Exchange Commission of Thailand (ThaiSEC) has proposed to include funding providers behind major shareholders of cryptocurrency companies in the scope of regulatory approval, and whether they provide support directly or indirectly, they will be subject to the same regulatory review as shareholders. The proposal aims to curb the flow of hidden funds and prevent illegal funds from infiltrating into crypto companies. The above rules also apply to the indirect provision of financial support through equity acquisitions. ThaiSEC said that "significant financial support" covers guarantees, contractual arrangements or any investment vehicle that essentially gives the financier investor status; if the major shareholder is a government-related agency, it only reviews entity-level shareholding.