Kuwait Capital Markets Authority Reaffirms Comprehensive Crypto Asset Ban

In a circular released by the Capital Markets Authority of Kuwait, the regulator reaffirmed its position that Kuwait strictly prohibits the use of virtual currencies and bans mining activities within the Gulf state. The authority also emphasized the importance for businesses to inform customers about potential “risks that may arise” with dealing with crypto assets [...]

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Kuwait imposes ‘absolute ban’ on virtual assets to combat money laundering risks

Kuwait Capital Markets Authority (CMA) banned all forms of cryptocurrency use in the country, including mining activities, according to a July 18 circular. The financial regulator imposed an “absolute ban” on all payments and investments involving cryptocurrencies, adding that it does not recognize virtual assets as a decentralized currency. A translated copy of the statement […]

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Kuwait’s Financial Watchdog Bars Crypto Transactions, Investment, and Mining

In response to requirements set by the FATF (Financial Action Task Force) to prevent money laundering through cryptocurrencies, the Capital Markets Authority of Kuwait has introduced a series of prohibitions. The circular issued by the country’s financial regulator on Monday declares a strict ban on the use of cryptocurrencies for payments or investment as a […]

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Haram? Kuwait Bans Cryptocurrencies

Kuwait has become the latest country to put a blanket ban on all cryptocurrency-related activities, citing a crackdown on money laundering and terror financing. According to the circular issued by the Capital Markets Authority (CMA), there is an “absolute prohibition” on major use cases and operations of cryptocurrencies.

Crypto Transactions Are Not Allowed in Kuwait

The order covers cryptocurrency exchanges, payments, investments, and mining operations.

“Absolute prohibition of using virtual assets as a payment instrument/method or recognizing it as a decentralized currency in the State of Kuwait, and, therefore, you must refrain from conducting transactions whereby virtual currencies are used as a payment instrument/method within the scope of this prohibition,” the circular stated (translated from Arabic).

“It is prohibited to deal with virtual assets as a means of investment, and, therefore, it is necessary to refrain from providing this type of services to any of the clients.”

The order further bans local authorities from handing out licenses to companies offering services around virtual assets. However, securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA are excluded from the latest prohibition order.

In addition, the regulator highlighted that cryptocurrencies “don’t carry a legal status and are not issued or supported” and asked customers to be cautious of any associated risks.

“It is not linked to any asset or issuer, and the prices of these assets are always driven by speculation that exposes them to a sharp decline,” the order added.

Varying Crypto Regulations

Regulating cryptocurrencies has become a priority globally. However, the stance of the regulators varies. Some jurisdictions like Hong Kong and Dubai are progressive in regulating cryptocurrencies, while countries like Canada have pushed several crypto exchanges away with their tough requirements.

While only a handful of countries, including China, completely ban crypto, many have imposed a ban on crypto payments. Thailand and Russia are two countries that allow crypto investments but ban payments. Belarus is also planning to impose a ban on peer-to-peer crypto payments.

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H. E. Dr. Mohamed Al Kuwaiti, Head of Cyber Security Council, UAE Government, Joins crypto elite at the Global AI Show hosted by VAP Group

The Global AI Show is pleased to announce H. E. Dr. Mohamed Al Kuwaiti, Head of Cyber Security…

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Saudi Arabia and OPEC Reveal Surprise Oil Production Cut; White House Insists Cuts Aren’t Advisable Right Now

On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and [...]

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