Kuwait has officially banned cryptocurrency mining and is taking strong action against the practice. The government is cracking down due to the significant strain that crypto mining puts on the country's electricity network. ⚡📉

The Ministry of Interior has issued a clear warning to individuals and businesses in Kuwait, stating that cryptocurrency mining is an unlicensed activity and a direct violation of several of the country's laws, including:

Law No. (31) of 1970 amending certain provisions of the Penal Code No. (16) of 1960
Law No. (37) of 2014 establishing the Communications and Information Technology Regulatory Authority (CITRA)
Law No. (56) of 1996 related to the industry law
Law No. (33) of 2016 concerning the Kuwait Municipality

The ministry emphasized that the energy-intensive nature of cryptocurrency mining leads to excessive electricity consumption, which significantly increases the load on Kuwait's public power network. 💡

Power Outages and Public Safety Concerns:

The Ministry of Interior further explained that this excessive power usage caused by illegal crypto mining can lead to power outages in residential, commercial, and service areas. This not only disrupts essential services but also poses a threat to public safety. ⚠️

This decisive action follows joint coordination between several key Kuwaiti government bodies: the Ministry of Interior, the Ministry of Electricity, Water and Renewable Energy, the Public Authority of Communications and Information Technology, the Public Authority for Industry, and Kuwait Municipality. This collaborative effort is part of a national initiative to combat these illegal activities and reduce their negative impact on the country's electrical infrastructure. 🤝

Warning to Violators:

The Ministry of Interior has urged anyone involved in cryptocurrency mining to promptly stop their activities and comply with the law. Failure to do so will result in them being referred to the appropriate legal authorities for further action, under Kuwaiti law. ⚖️

Recent Crackdown:

Demonstrating their commitment to enforcing the ban, the Ministry of Interior, through its Criminal Security Sector, conducted a security campaign last month targeting several properties being used for illegal cryptocurrency mining. This operation resulted in the seizure of properties used for the illegal activity and the confiscation of advanced equipment and devices used for mining. 🚫💻

Legal proceedings are now underway against the owners of these properties. The Ministry has reiterated its determination to continue these intensive security campaigns in cooperation with relevant authorities to ensure that the laws of Kuwait are upheld. 💪

Key Points:

Kuwait has banned cryptocurrency mining.
The ban is due to the strain on the electricity network.
Mining is considered an unlicensed and illegal activity.
Violators are warned to stop or face legal action.
A recent security campaign resulted in seizures of equipment and properties.

Reported by FazTimes Media.

Related Posts

Related Posts