Authorities in Kuwait are conducting a large-scale operation to combat illegal cryptocurrency mining activities being conducted without a license. According to official statements, more than 60 individuals are under investigation, and new suspects are expected to be identified in the coming weeks.
Illegal Cryptocurrency Mining
The public prosecutor has stated that the investigation is ongoing, with mining equipment being located in residential properties as part of the operation. This investigation aims to curb unlicensed transactions and put a stop to related illegal activities.
The operation conducted last Friday specifically targeted mining activities carried out in housing units. This initiative was coordinated by nationwide authorities, aimed at curbing high power consumption-related issues in residential areas.
Prime Minister Sheikh Fahad Al-Yousef and Minister of Electricity Dr. Subaih Al-Mukhaizeem personally oversaw the operation. They clarified that this initiative was organized to monitor the increasing electricity consumption across the country and prevent potential damage to the power grid.
Operation Details and Measures Taken
The Ministry of Electricity announced that connections to properties involved in mining activities have started to be disconnected. A permit from the Ministry of Interior will be required to restore power to these properties. Additional searches and inspections are ongoing in specific districts as part of the operation.
The Kuwaiti government has implemented an absolute ban on illegal crypto asset mining activities. This measure, directed by the anti-money laundering committee, is supported by national regulatory bodies and the National Bank of Kuwait.
Officials have also remarked that these operations are a vital step toward reducing the load on energy infrastructure and ensuring regulated energy consumption. Similar actions have been taken by Iran and several other nations due to the harm uncontrolled mining poses to energy supply security.
These developments are closely monitored as part of efforts to prevent unlicensed activities and protect national energy resources. The ongoing investigation and the measures taken are continuously assessed and updated by the relevant authorities.
