Kuwait announces total ban on crypto

The Kuwait a prohibited the use of digital assets such as Bitcoin as means of payment orinvestment. The activities of crypto mining in the small Persian Gulf state are, moreover, only not authorized.

The Kuwaiti authoritiesincluding the Central Bank and the Capital Market Authority, have published circulars concerning a ” ban absolute “from the cryptocurrency in the country, reported this Thursday Arabian Business.

The regulatory agency Capital Markets Authority declared that it was formally forbidden to use digital assets as means of payment or investment.

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Also, local companies are not allowed to offer crypto services. No license has yet been issued. A ban on all mining activities was also imposed.

The regulator justified its decision by strengthening the framework for combating money laundering and terrorist financing. The measures enable compliance with recommendations from FATFaccording to the announcement.

Securities regulated by the Central Bank of Kuwait and other securities and financial instruments regulated by the Capital Markets Authority are excluded from this prohibition,” it says.

The Middle Eastincluding United Arab Emiratestoday attracts major platforms such as Crypto.com and Deribit. At the beginning of the year, Abu Dhabi unveiled “Hub71+ Digital Assets”, an initiative to support blockchain and Web3 startups.

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