In a bid to tackle the issue of unauthorized cryptocurrency mining, Kuwait has initiated a nationwide crackdown, with more than 60 individuals currently under investigation. This move is part of a broader effort to eliminate unlicensed mining operations and protect the country's power grid.
According to the Public Prosecution, the ongoing investigations may lead to the identification of additional suspects in the near future. A recent security operation, undertaken in collaboration with high-ranking officials including Acting Prime Minister Sheikh Fahad Al-Yousef and Minister of Electricity Dr. Subaih Al-Mukhaizeem, targeted residential properties suspected of housing cryptocurrency mining equipment.
The primary objective of this initiative is to curb the unauthorized consumption of electricity, which has put a strain on the national grid and resulted in power outages in certain areas. As part of this effort, the Ministry of Electricity has started disconnecting power supply to properties linked to mining activities, with reconnection only possible upon obtaining clearance from the Ministry of Interior. Furthermore, officials are conducting comprehensive searches in various neighborhoods to ensure compliance.
In line with a directive issued by its anti-money laundering committee, which received backing from regulatory bodies including the National Bank of Kuwait, Kuwait has imposed a blanket ban on all forms of virtual asset and cryptocurrency mining.