Thailand: Immigration officials in the country have arrested 24 Chinese citizens who are accused of organising a crypto scam in Bangkok in the Rama III district.
According to the official announcement of 2 December, the Immigration Bureau of the Royal Police in Thailand arrested 24 people of Chinese origin as part of its action, and confiscated 61 laptops, 424 mobile phones and several routers.
Thailand strikes the Chinese scam
The immigration office gives details of the scam operation. Allegedly, alleged scammers have encouraged Chinese investors to buy Bitcoins (BTC), but they are usually misled by the overestimation of their possible profits.
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The local news paper Chiang Rai Times states that the Immigration Office has already eliminated many of these types of frauds, which are most often based on call center offices operated by Chinese citizens. Previously, the immigration police had raided a project office run by Chinese teenagers. It is said that 54 minors were arrested in one of the holiday hotels.
The scammers described in this text were supposedly aimed at obtaining 5 million Thai baht (165 000 USD) from investors who talked about investments in online chat rooms. The police are still chasing the organiser of the operation, who is reportedly in possession of the passports of his employees.
Cryptocurrencies in Tahailand
While the cryptocurrency trading in Thailand is legal, the country has a specific regulatory framework and standards that apply to the entire local industry.
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Both the issuing of tokens and the trading of cryptocurrencies on the secondary market are regulated by law on the basis of a number of regulations. In the case of stock exchanges, acceptable trading pairs for digital currencies are baht/crypto pairs or crypto-crypto pairs. Other configurations are also possible, but they must first be approved by the Thai Securities and Exchange Commission, the equivalent of the Polish Financial Supervision Authority.
In addition, cryptocurrencies activities are subject to the national anti-money laundering, anti-terrorist financing and KYC system.
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As recently reported by the media, legislators in Thailand are also planning to reform all cryptocurrencies regulations for fear that these regulations in their current form will make the country uncompetitive in the global market for block network technology.