Kuwait’s financial regulator, CMA (Capital Markets Authority), issued a circular declaring transactions with cryptocurrencies and any other digital assets illegal. The authorities explain their decision with concern for the country’s population.
The website of Kuwait’s financial regulator, CMA (Capital Markets Authority), published the text of a new circular that prohibits transactions with cryptocurrencies and any other digital assets. According to the document, lawbreakers will be equated to those involved in money laundering and sponsorship of terrorism.
In addition to a complete ban on mining, investment in cryptocurrencies and the use of tokens as a means of payment, the document also notes that the Kuwaiti authorities prohibit the issuance of any license that allows companies to provide services related to digital assets.
Despite the fact that in recent years the UAE has methodically created a platform for the development of the crypto industry, the countries of the Middle East, on average, have a negative attitude towards cryptocurrencies. In Saudi Arabia and Qatar, for example, there is a similar ban on buying and storing cryptocurrency in Kuwait.
Author:
Grigory Shcheglov
Source: RB
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