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Thai authorities raid illegal Bitcoin mine behind local power outages

Illegal Bitcoin mining has been a growing problem in Southeast Asia, with operators exploiting the region’s relatively low electricity costs

Thailand authorities have raided an illegal Bitcoin mining operation in Ratchaburi, a town west of Bangkok, following numerous complaints from residents about persistent power outages. 

According to the South China Morning Post, the raid took place on Aug. 23 and revealed that the illegal mining activities were likely the cause of blackouts that had plagued the area for over a month.

An investigation was started after residents reported unexplained power failures that began in mid-July. 

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Thailand Issues New Regulations on Custodied Cryptocurrencies

Thailand Issues New Regulations on Custodied CryptocurrenciesThe Securities and Exchange Commission (SEC) of Thailand has issued new regulations on custodied cryptocurrencies. Companies offering crypto custody services are now required to “establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients’ assets,” the regulator described. Thai SEC’s New Crypto Rules Thailand’s Securities […]

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Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets

Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital AssetsThailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment […]

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Thailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is the Future’

Thailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is the Future’Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown. Thailand Plans to Attract Crypto Holders The Tourism Authority of […]

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Thailand Sees Rising Adoption of Cryptocurrencies as Means of Payment — Warns of Risks

Thailand Sees Rising Adoption of Cryptocurrencies as Means of Payment — Warns of RisksBank of Thailand says a growing number of companies are asking for payments in cryptocurrencies, such as bitcoin and ether. The central bank reiterates its stance on crypto and warns of the risks of using them as a means of payment. The Bank of Thailand (BOT), the country’s central bank, issued a warning notice titled […]

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