Kuwait: Over 60 under investigation for illegal crypto mining
The Cabinet has commended the outcomes of an extensive security operation conducted last Friday, overseen by Acting Prime Minister and Minister of Interior Sheikh Fahad Al-Yousef, Minister of Electricity, Water, and Renewable Energy Dr. Subaih Al-Mukhaizeem, Minister of State for Communications Affairs Omar Al-Omar, and Minister of State for Municipal Affairs and Minister of State for Housing Affairs Abdullatif Al-Mishari.
This campaign targeted numerous residences engaged in unauthorized cryptocurrency mining.
The Cabinet emphasized that the operation is part of ongoing governmental efforts to combat unlawful activities, safeguard the electricity grid from illegal usage, and ensure public safety. Such unauthorized mining exploits electrical resources, leading to increased grid loads, power outages, and disruptions in residential, commercial, and service areas.
The Public Prosecution, through the Commercial Affairs Prosecution, has ordered the continued detention of several suspects, including property owners who rented out their homes for mining purposes.
Others have been released on bail of 500 Kuwaiti dinars. Investigators have confronted defendants with evidence of substantial deposits in their accounts, some amounting to 3,000–4,000 dinars daily, originating from unidentified sources.
While charged with undermining national interests and engaging in unlicensed activities, many defendants have denied the allegations after being presented with criminal investigation reports linking them to the incidents and seized equipment.
Sources informed Al-Rai that operations to identify cryptocurrency mining sites are ongoing, in coordination with relevant authorities. Searches are being conducted in areas including Wafra, Sabah Al-Ahmad, and Mutlaa, with no region excluded, even those in the interior. The Ministry of Electricity is disconnecting power to properties involved in mining activities, with reconnection contingent upon approval from the Ministry of Interior.
Additionally, the Ministry of Electricity, in collaboration with the Ministry of Interior, is enforcing penalties for cryptocurrency mining activities based on regulations that impose an "absolute ban on all virtual asset/currency mining activities." This ban was issued by the National Committee for Combating Money Laundering and Terrorism Financing, along with other relevant authorities such as the Central Bank, the Ministry of Commerce, and the Capital Markets Authority.
Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info).
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