Thai authorities have dismantled nine illegal Bitcoin mining operations, arresting two individuals in electricity theft worth over $280,000. The crackdown, reported by The Straits Times, highlights ongoing efforts to curb illicit cryptocurrency activities in the country.
The operation in Surat Thani province is part of a rising trend of illegal crypto-mining activities in Thailand. The investigation began after a resident reported unusual CCTV cameras at a vacant house, prompting authorities to take action.
During the raid, authorities discovered the property was being used for illegal Bitcoin mining. The operation was led by the Central Investigation Bureau and the Provincial Electricity Authority and it uncovered tampered electricity meters used to steal power worth hundreds of thousands of dollars. Additional investigations revealed eight more similar operations across the province.
According to the report, Bitcoin miners are classified as manufacturers in Thailand and are required to pay relevant taxes. However, illegal mining activities have been increasing in recent years.
This announcement comes as Binance highlights Thailand as a key market in its global push for mainstream digital asset adoption. In an interview with The Bangkok Post, Binance’s CMO Rachel Conlan noted Thailand’s crypto adoption rate of 12%, double the global average. She praised the country’s efforts in creating regulatory frameworks, emphasising that this approach will be vital for the industry’s growth and sustainability.
Meanwhile, Thai financial regulators have introduced a Digital Asset Regulatory Sandbox to promote greater cryptocurrency adoption. This sandbox allows participants to test crypto services under flexible regulations to develop Thailand’s digital asset market. It encompasses six types of digital asset services: exchanges, brokers, dealers, fund managers, advisors, and custodial wallet providers. To participate, applicants must meet strict requirements, including demonstrating sufficient capital and robust management systems, ensuring they are well-prepared for the program.
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