the case west of Bangkok

In Thailand, authorities discovered a house where illegal Bitcoin mining activities were taking place. The raid on the house came after residents complained about several power outages.

Thailand and illegal Bitcoin mining: the case west of Bangkok

Thai authorities have reportedly found a house west of Bangkok where illegal Bitcoin mining activities took place.

The raid followed complaints from residents about the frequent power outages that have been occurring in the area for over a month.

Specifically, police and officials from the Provincial Energy Authority (PEA) searched the house in Ratchaburi city. Commenting on the incident, he said: Jamnong Chanwonga district security chief, said:

“We found Bitcoin mining rigs, suggesting that people were using this house to run a mine and consuming electricity for which they were not paying the full price.”

In Thailand it seems cases of illegal Bitcoin mining are increasingIn fact, miners in the country are considered producers and must pay the corresponding taxes.

At first, it appeared that Chanwong's team attempted to enter the house, but a security guard denied them entry. They returned with a search warrant and discovered that most of the equipment had been taken away.

Thailand and illegal Bitcoin mining: “The house’s electricity consumption was high”

As it turns out, this case of illegal Bitcoin mining is not a new phenomenon in Thailand. In Ratchaburi province west of Bangkok alone, this would be the fourth raid by the authorities this year.

What aroused particular suspicion was the various power outages in the area. In fact, the records showed that The house's electricity consumption was high, but the tenants had paid very little.

It then emerged that the house had been rented by a company for about four months, but the power outages had started in mid-July, when Bitcoin mining was believed to have begun full operation.

In any case, Chanwong informs that none of the tenants were arrested during the raid.

In addition to illegal Bitcoin mining, the Thai Securities and Exchange Commission (SEC) has introduced a strict measure to Block local access to unauthorized crypto platforms.

In mid-April, the government committee took a clear stance against providers of digital asset services that operate without local authorizationThis is a precautionary measure to protect local investors and curb the criminal use of cryptocurrencies, especially for money laundering.

The new regulatory sandbox

Beginning of August Thailand took a brave Regulatory sandbox Explore and regulate crypto services, encourage the launch of Bitcoin ETFs and tax incentives for cryptocurrencies throughout 2024.

The new program, which Regulatory sandbox for digital assetswas created to Promoting development and innovation in the field of digital assets.

There are six categories of eligible service providers: Crypto exchanges, brokers, traders, fund managers, advisors and custody wallet providers.