Thailand's efforts to combat financial crimes have taken a significant step forward with the proposal of stricter funding rules for cryptocurrency companies.
The Securities and Exchange Commission of Thailand (Thai SEC) has proposed expanding approval requirements for crypto businesses to include financiers behind major shareholders. This move aims to tighten oversight of hidden capital flows and ensure that business operators are funded from legitimate sources, rather than from financing linked to unlawful activities.
The proposed rules cover a wide range of financial contributors, including those who provide funding or financial support to direct shareholders, as well as those who do so indirectly through share acquisitions. The regulations also apply to acquisitions of shares in business operators and legal entities that are shareholders of those operators.