Kuwait bans cryptocurrency mining

Kuwait has banned cryptocurrency mining as it looks to regulate the activity and cut down on overloads of electricity network. The Ministry of Interior warned against cryptocurrency mining practices by individuals and entities in Kuwait , which is unlicensed activity and a direct violation of the county’s law, particularly: 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 Kuwait Municipality The ministry stressed that cryptocurrency mining caused excessive electricity energy which resulted in increasing the load on public power network. Kuwait cryptocurrency mining ban It also causes power outages in residential. commercial and service areas, in a way which poses a threat to public safety and disrupts providing regular essential services. This warning came according to joint coordination between Ministry of Interior, Ministry of Electricity, Water and Renewable Energy, Public Authority of Communications and Information Technology, Public Authority for Industry and Kuwait Municipality. These efforts are a part of joint national initiative to combat these illegal activities and reduce its adverse effects on the electrical infrastructure. The Ministry of Interior urged violators to promptly rectify their stances, and in case of their failure to do so, they will be referred to competent authorities for further legal procedures, in accordance with applicable laws. The Ministry of Interior, represented by the Criminal Security Sector, conducted a security campaign last month, targeting several houses used for illegal cryptocurrency mining activities. The campaign resulted in the seizure of violated properties and confiscation of advanced equipment and devices used for cryptocurrency mining, in a clear violation of the law. Legal action has been taken against violated property owners in preparation to refer them to competent authorities. The Ministry emphasised its commitment to continuing its intensive security campaigns in collaboration with the relevant authorities to ensure the implementation of the laws. Follow us on For all the latest business news from the UAE and Gulf countries, follow us on Twitter and LinkedIn , like us on Facebook and subscribe to our YouTube page, which is updated daily.