Kuwaiti authorities are intensifying their efforts to combat illegal crypto mining operations, with over 60 individuals currently under investigation as part of a comprehensive campaign to dismantle unlicensed activities. The Public Prosecution of Kuwait has confirmed that these investigations are ongoing and cautioned that further suspects may be identified in the weeks to come.
This recent security operation, executed last Friday, specifically targeted residential properties suspected of hosting mining rigs, according to local media reports. The initiative is reportedly backed by high-ranking officials, including Acting Prime Minister Sheikh Fahad Al-Yousef and Minister of Electricity Dr. Subaih Al-Mukhaizeem.
At the heart of this crackdown is the government’s objective to address unauthorized power usage, which has not only strained the national electricity grid but has also contributed to blackouts in various regions. To further this aim, the Ministry of Electricity has commenced disconnections of power supplies linked to mining activities, with reconnections being permitted only upon gaining clearance from the Ministry of Interior. Additionally, officials are conducting follow-up operations in numerous neighborhoods to ensure compliance.
Kuwait has firmly established an “absolute ban on all virtual asset/cryptocurrency mining activities,” as mandated by its anti-money laundering committee. This directive has gained the support of key financial regulators, including the National Bank of Kuwait, signaling a robust stance against unauthorized cryptocurrency activities.
The implications of this crackdown are far-reaching, as it represents Kuwait’s broader strategy to regulate emerging financial technologies while safeguarding the integrity of the national power supply. As investigations progress, the potential outcomes may shape the future landscape of cryptocurrency regulations in Kuwait.
