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Kuwait Bans Cryptocurrency Trading, Investing, and Mining Activities
The decision to implement these measures is part of Kuwait’s efforts to combat money-laundering.
Kuwait’s financial regulator has issued a circular banning the use of cryptocurrencies for payments or investments. Securities and other financial instruments regulated by the Central Bank of Kuwait and the Capital Markets Authority (CMA) are currently exempt from the ban.
In addition to banning the use of cryptocurrencies for payments or investments, the Kuwait Capital Markets Authority has also imposed an “absolute” ban on all digital asset mining.
To protect the public, regulators have issued warnings against companies offering any form of cryptocurrency-related services. The agency also prohibits the recognition of cryptocurrencies as decentralized currencies.
According to the new notice, local regulators are also prohibited from issuing any licenses allowing companies to offer virtual asset services as a commercial business.
The regulator said the bans were designed to comply with the Financial Action Task Force’s (FATF) global recommendations for crypto assets and to follow a study of the industry by the National Committee to Combat Money Laundering and Terrorist Financing.
These rules were developed to align with the global recommendations for cryptoassets from the Financial Action Task Force (FATF).
The latest measures come after the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism also conducted an in-depth study of the digital asset space.
Meanwhile, the CMA warned citizens about the risks associated with cryptocurrencies that lack legal status, are unstable and unregulated, adding that any violation of these prohibitions will be punished.
“It also requires your customers to be constantly aware of the possible risks associated with trading virtual assets (through transactions conducted outside the State of Kuwait with the customer’s knowledge), especially cryptocurrencies, as they have no legal status and are not issued or supported.”