- Thai authorities have arrested 11 employees from five unlicensed cryptocurrency firms operating across three provinces with an estimated annual turnover of $29.3 million.
- The crackdown is part of Thailand‘s broader efforts to regulate crypto-related activities, targeting firms that failed to register under the 2017 Payment System Act.
- Despite these enforcement actions, Thailand ranks 16th globally in crypto adoption with $50 billion in cryptocurrency value received between July 2023-2024, and is exploring regulations for Bitcoin ETFs and stablecoins.
Thai police have conducted raids on five unlicensed cryptocurrency operations across three provinces, arresting 11 individuals and seizing electronic evidence as part of an intensifying campaign against unregistered digital asset services. The Economic Crime Suppression Division (ECD) executed search warrants targeting firms in Nakhon Pathom, Samut Sakhon, and Bangkok that allegedly processed approximately one billion baht ($29.3 million) in annual transactions.
ECD commander Thatphum Jaruprat confirmed the arrests included both executives and staff members from the targeted companies. Authorities confiscated six computers and additional evidence during the operation. The investigation determined these businesses were functioning as unauthorized e-money providers, serving as intermediaries for Thai investors purchasing overseas investment products.
According to officials, the companies required customers to transfer funds into electronic wallets to facilitate cross-border transactions. This violated Thailand’s 2017 Payment System Act, which mandates registration and licensing for all Forex-based e-money enterprises operating within the country.
The ECD stated these unregistered operations posed significant money laundering risks and facilitated capital flight that potentially harmed Thailand’s economic stability. All 11 detainees now face charges related to providing unlicensed electronic money services.
This operation represents just one facet of Thailand’s broader cryptocurrency enforcement efforts in 2024. In January, Thailand’s Cyber Crime Investigation Bureau proposed restricting access to Polymarket, a crypto prediction marketplace they claimed created “economic and social risks.”
February saw joint Thai-Chinese police action that froze cryptocurrencies worth approximately $2.5 million after arresting two Chinese nationals on fraud and human trafficking charges. More recently, Binance TH reported that Thailand has experienced one of the world’s largest increases in cryptocurrency investment complaints and damages, prompting over 1,000 data requests from law enforcement during the past three years.
Despite the appearance of a comprehensive crypto crackdown, Singapore-based blockchain advisor Anndy Lian suggests Thai authorities are primarily targeting criminal enterprises rather than legitimate crypto businesses.
“You’ve got the Cyber Crime Investigation Bureau (CCIB) working with folks like Binance to bust pig butchering scams—those nasty romance-investment hybrids that have ripped off millions,” Lian told Decrypt.
Lian highlighted Operation Trust No One, which resulted in several high-profile arrests and substantial asset seizures, while Operation The Purge achieved similar results last year. Thai authorities have also targeted illegal cryptocurrency mining operations in Chachoengsao and Surat Thani provinces, where operators were caught stealing electricity.
“The SEC’s been pushing to block unlicensed exchanges too, like they did with Bybit and others last year, but that’s more about regulating the space than shutting it down,” Lian explained.
Despite regulatory enforcement, Thailand’s cryptocurrency sector continues to grow. The country ranked 16th in Chainalysis’ 2024 Global Crypto Adoption Index, with over $50 billion in cryptocurrency value received between July 2023 and July 2024. Thailand’s Securities and Exchange Commission has also been updating cryptocurrency investment rules for mutual and private funds to attract legitimate capital.
Thailand is also considering regulations for spot Bitcoin ETFs and stablecoins, positioning the country between Singapore’s more liberal approach and China‘s restrictive policies. In January, the Thai SEC announced it may begin permitting local Bitcoin exchange-traded funds, signaling a cautious but progressive stance toward cryptocurrency adoption.
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