Thai police have conducted raids on five unlicensed cryptocurrency firms and arrested 11 employees as part of a crackdown on illicit crypto activities. The arrested individuals were found to be operating e-money firms without the necessary licenses, acting as intermediaries for local investors looking to purchase investment products overseas. The failure to register these firms not only created a money laundering risk but also affected the economy by enabling capital flight. This is not the first instance of Thai authorities cracking down on illegal crypto activities, with recent arrests and frozen cryptocurrencies worth around $2.5 million. However, experts argue that Thai authorities are primarily targeting bad actors, highlighting high-profile operations against fraudsters, extortionists, and thieves. The cryptocurrency industry in Thailand is growing healthily, and the country ranks 16th in the Global Crypto Adoption Index. The Thai Securities and Exchange Commission is updating its rules to attract more legitimate investment in the space, indicating that Thailand aims to manage rather than eliminate crypto.



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