Briefly, Two suspects were arrested by Thai authorities for allegedly stealing over $280,000 in electricity for unauthorized Bitcoin Mining. This arrest mission led to the discovery of nine illegal and unauthorized mining sites in Surat Thani province. This issue showcases a growing problem of unlicensed crypto mining in Thailand.
Details of the Crackdown
The central Investigation Bureau and the Provincial Electricity Authority on Thailand raided nine illegal, unauthorized and unlicensed mining sites after a tip from a local resident about suspicious CCTV cameras. During investigation authorities stumbled upon modified electricity meters used to bypass legal power consumption, saving operators hundreds of thousands of dollars.
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Thailand’s Stance on Crypto Mining
Bitcoin miners are considered manufacturers in Thailand and need to pay tax. However, illegal mining operations have significantly increased, with several busts in 2024 alone. Having said so, Thailand remains to attract crypto business due to its progressive approach to digital assets.
Thailand’s Growing Crypto Appeal
Thailand is globally considered as a top market by Binance, with a mind blowing 12% local crypto penetration rate. Authorities recently launched a Digital Asset Regulatory Sandox to help improve innovation in crypto service, allowing companies to operate under flexible and feasible guidelines aimed at making the country’s digital asset sector strong.
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