In Thailand, the authorities discovered a house where illegal bitcoin mining activities were taking place. The raid on the house came after local residents had complained about several blackouts.
Thailand and illegal bitcoin mining: the case west of Bangkok
According to what reported, the Thai authorities have discovered a house where illegal bitcoin mining activity was taking place, west of Bangkok.
The raid was carried out after residents had complained about the frequent blackouts that had occurred in the area for more than a month.
Specifically, the police and officials from the provincial electricity authorities (PEA) raided the house in the city of Ratchaburi. Commenting on the incident, Jamnong Chanwong, a chief security officer of the district, said:
“We found bitcoin mining facilities, indicating that people were using this house to run a mine and were using electricity that they were not fully paying for”
In Thailand it seems the cases of illegal bitcoin mining are increasing. In fact, in the country, the miners are considered as producers and must pay the related taxes.
Initially, it seems that Chanwong’s team tried to enter the house but a guard denied them entry. They returned with a search warrant and discovered that most of the equipment had been moved.
Thailand and illegal Bitcoin mining: “the electricity consumption of the house was high”
From what has emerged, it seems that this case of illegal bitcoin mining in Thailand is not new. Only in the province of Ratchaburi, west of Bangkok, this would be the fourth time this year that the authorities have raided.
Specifically, what aroused suspicion concerns the various blackouts in the area. In fact, the records showed that the electricity consumption of the house was high, but the tenants had paid very little.
Then it was discovered that the house had been rented by a company for about four months, but the power outages started in mid-July, when probably the bitcoin mining became fully operational.
In any case, Chanwong informs that none of the tenants were arrested during the raid.
In addition to illegal bitcoin mining, the Securities and Exchange Commission (or SEC) of Thailand has introduced a strict measure to block local access to unauthorized crypto platforms.
In mid-April, the government committee took a firm stance against digital asset service providers operating without local authorization. This is a precautionary measure to safeguard local investors and curb the criminal use of cryptocurrencies, especially for money laundering.
The new regulatory sandbox
At the beginning of August, Thailand adopted a bold regulatory sandbox to explore and regulate crypto services, promoting the adoption of Bitcoin ETFs and tax incentives for cryptocurrencies throughout 2024.
The new program, the Digital Asset Regulatory Sandbox, was created to promote development and innovation in the digital asset sector.
Among the eligible service providers, there are six categories: crypto-exchange, brokers, dealers, fund managers, advisors, and custodial wallet providers.
