Kuwait’s Crackdown on Unlawful Cryptocurrency Mining
The Kuwaiti government has launched a comprehensive crackdown on unlawful cryptocurrency mining, with investigations currently involving over 60 suspects. This initiative, designed to eliminate unauthorized mining practices, falls under the jurisdiction of the Public Prosecutor’s Office and began last Friday, targeting residential locales where individuals have allegedly set up mining operations.
Government Oversight and Objectives
Prime Minister Sheikh Fahad Al-Yousef and Minister of Electricity Subaih Al-Mukhaizeem are overseeing this national effort, which aims to address issues of illegal electricity consumption that have contributed to electrical grid strain and localized outages. In a bid to enforce compliance, the Ministry of Electricity has initiated the disconnection of power to those properties engaged in mining, with any potential reconnections now subject to approval from the Ministry of Interior.
Collaboration and Future Actions
Additionally, the Kuwait Anti-Money Laundering Committee, in collaboration with entities like the Kuwaiti National Bank, has imposed a complete ban on all cryptocurrency mining activities. Authorities caution that more individuals may be identified in ongoing investigations across various communities in the weeks ahead.
