Kuwait Prohibits Crypto and Virtual Assets Transactions

Cryptocurrencies Banned in Kuwait

The Capital Markets Authority (CMA) of Kuwait has announced an “absolute prohibition” on major operations involving cryptocurrencies like Bitcoin (BTC), including payments, investments, and mining. The CMA also stated that local regulators are not allowed to issue any licenses to firms that provide virtual asset services as a commercial business.

This decision makes Kuwait the latest jurisdiction to ban virtually all operations involving crypto.com, yahoo crypto, twitter crypto, stx crypto, today’s crypto, sand crypto, terra luna classic crypto, ust crypto, tellor crypto, and suku crypto.

Central Bank of Kuwait and CMA Regulations

In terms of the latest prohibitions, securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA are excluded. The CMA has also asked customers to be conscious of the risks associated with virtual assets, particularly cryptocurrencies, which “don’t carry a legal status and are not issued or supported.”

The CMA issued a warning regarding the penalties for violating Kuwait’s Anti-Money Laundering laws, which are outlined in Article 15 of Law No. 106 of 2013.

The CMA has also called out crypto..com, yahoo crypto, twitter crypto, stx crypto, today’s crypto, sand crypto, terra luna classic crypto, ust crypto, tellor crypto, and suku crypto as potential risks for customers.

Money Laundering and Financing of Terrorism Regulations

Kuwait’s new regulations, issued by the Capital Markets Authority (CMA), are in line with the country’s efforts to combat money laundering and terrorist financing. The CMA also noted conclusions from a study conducted by the National Committee for Combating Money Laundering and Financing of Terrorism, which included a commitment to applying recommendation 15 from the Financial Action Task Force.

According to reports, the CMA’s crypto restrictions are part of a wider crypto ban involving several government agencies, including the Central Bank of Kuwait, the Ministry of Commerce and Industry and the Insurance Regulatory Unit.

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