TechFlow news, on March 5, according to Decrypt, Thai police raided the offices of five unlicensed cryptocurrency companies, arresting 11 employees in an effort to crack down on illegal crypto-related activities.
Investigations revealed that these companies had been operating electronic money businesses illegally, with annual revenues of about 1 billion Thai baht (approximately $29.3 million). The firms acted as intermediaries, helping local investors purchase overseas investment products by requiring customers to transfer funds into e-wallets for cross-border transactions.
Under Thailand's 2017 Payment Systems Act, all such businesses must register and obtain a license. The ECD stated that the unregistered operations posed money laundering risks and harmed the economy through capital outflows.
