Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Kuwait bans cryptocurrency mining – Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More
    Cryptocurrency

    Kuwait bans cryptocurrency mining – Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More

    May 4, 20252 Mins Read


    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.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    A Brant County resident lost $18,500 in a cryptocurrency scam

    Cryptocurrency

    France arrests five over cryptocurrency kidnapping

    Cryptocurrency

    SEC-Davao monitoring 4 entities allegedly involved in cryptocurrency scams

    Cryptocurrency

    Russia Developing Cross-Border Digital Payment with BRICS

    Cryptocurrency

    Regal Investments Commits $30 Million to Cryptocurrency Prop Trading Initiative

    Cryptocurrency

    Banks must build trust to thrive in digital age 

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Investments

    D Cubed Group Completes Successful Investment in KPS Global with Sale to Viessmann

    Investments

    Retirees with $1 million in savings could run out of money faster in these states, study finds

    Precious Metal

    As gold marches on, Thai investors told to watch markets closely

    Editors Picks

    Riverside Public Utilities choisit Tantalus comme partenaire technologique pour étendre ses efforts de modernisation du réseau

    June 12, 2025

    Mae Moh community offers new agriculture and economic model

    August 27, 2024

    Transcript : Nayax Ltd. Presents at Barclays 15th Annual Emerging Payments and FinTech Forum, May-20-2025 02

    May 20, 2025

    EPH European Property réduit sa perte pour l’exercice 2024 et augmente son résultat d’exploitation

    April 29, 2025
    What's Hot

    Ghana’s premier real estate event smashes records as country’s real estate market set to hit US$533.30 bn in 2025

    February 5, 2025

    N. Korea holds crisis meeting to discuss minimizing agricultural damage from natural disasters

    July 23, 2024

    Transcript : Marqeta, Inc. Presents at Barclays 15th Annual Emerging Payments and FinTech Forum, May-20-2025 08

    May 20, 2025
    Our Picks

    Le président d’Ecofin Global Utilities annoncé son départ lors de la prochaine assemblée générale

    June 20, 2025

    Paris. Ivre, un chef de la police municipale interpellé pour rébellion lors d’un festival de métal

    February 23, 2025

    partenariat avec Ather Energy en Inde

    May 28, 2025
    Weekly Top

    de possibles baisses de production dans le nucléaire dès lundi

    June 21, 2025

    ce Poitevin qui met le feu au festival metal de Clisson

    June 21, 2025

    Silver prices surge in 2025: Up nearly 25% year-to-date

    June 21, 2025
    Editor's Pick

    How to Choose the Perfect Cryptocurrency Exchange for Your Trading Goals in 2025

    May 11, 2025

    Copper embauche Tammy Weinrib au poste de directrice de la conformité pour les Amériques dans le cadre de son expansion aux États-Unis.

    March 3, 2025

    Blight woes mount in San Jose while city delays action on problems

    August 10, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.