Thailand Securities and Exchange Commission consults on extending major shareholder approval to funding providers of securities and digital asset operators

The Thailand Securities and Exchange Commission has launched a public consultation on proposed additional principles for identifying persons deemed to be major shareholders of securities and digital asset business operators, as part of measures to prevent the capital and digital asset markets from being used for technology-related crimes and money laundering. The proposal would treat certain funding providers or financial supporters of major shareholders as major shareholders for whom the business operator must obtain SEC approval. Under the proposed approach, any person providing funding or financial support to a direct major shareholder, or indirectly financing the acquisition of shares in the business operator or in an entity that holds shares in the business operator, would be deemed a major shareholder. “Significant funding” would include guarantees, contractual arrangements, or investments in instruments that result in the supporter having the status of, or acting in substance as, a funding provider, including through intermediaries, while excluding ordinary business transactions such as lending by qualifying financial institutions and margin loans for securities trading. Where a major shareholder is a specified government-related entity, the SEC would require the business operator to examine the shareholding structure only at that entity level. Comments are invited until 22 April 2026.