Thailand authorities have recently taken action against an illegal bitcoin mining operation in Ratchaburi, uncovering a significant power drain that led to recurring power outages in the area. The raid, conducted on August 23 following a month-long investigation, revealed a single house in the town west of Bangkok as the source of the power drain.
House Responsible for Significant Power Drain
Authorities discovered a large-scale bitcoin mining setup at the house, with Chief District Security Officer Jamnong Chanwong noting the abnormally high electricity consumption at the property. Despite suspiciously low payments for the power used, indicating illegal power siphoning, no arrests were made during the raid as the operators had reportedly fled upon realizing they were under scrutiny.
The rise in illegal bitcoin mining activities in Southeast Asia, known for its relatively low electricity costs, has raised concerns. In countries like Malaysia, unauthorized mining operations have resulted in significant economic losses, with estimates indicating electricity theft amounting to $723 million between 2018 and 2023.
Thai authorities are not alone in their efforts to combat illegal cryptocurrency mining, as Malaysia has also taken severe measures to address the issue. In response to the nefarious activities, Malaysian authorities destroyed over $1.2 million worth of confiscated bitcoin mining rigs.
Thai SEC Eases crypto Investing Restrictions
In a separate development, the Securities and Exchange Commission (SEC) of Thailand has modified the criteria for investing in digital tokens, relaxing certain restrictions to enhance investor protection while considering the risks associated with digital assets.
The updated criteria now allow retail investors to invest in digital tokens backed by real estate or generating real estate income streams, as well as tokens with infrastructure operations or revenue streams, without the previous maximum cap of 300,000 baht per offering.
Furthermore, the SEC has revised the criteria for custodial wallet provider businesses, enabling them to offer services to digital asset business operators. These changes come on the heels of the Finance Ministry's decision to exempt value-added tax (VAT) on digital asset trading earlier this year, providing a long-term incentive for investors and traders in the digital asset space.
