kuwait crypto ban

Kuwait Bans Crypto Payments and Investments

CryptocurrencyNewsPolicyRegulation
··1 min read

Yesterday, the Kuwait Capital Markets Authority (CMA) issued a circular prohibiting the use of cryptocurrencies for payments and investment. The ostensible aim of the ban is to combat money laundering, which the CMA says is in line with the Financial Action Task Force’s (FATF) global recommendations for crypto assets.

This is not the first time crypto has been subject to strict rules in Kuwait. In 2017, the central bank banned commercial banks and financial institutions from processing Bitcoin transactions. In a May 2021 public announcement, the central bank also reiterated that cryptocurrencies are not legal tender.

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