• Kuwait has banned the use of cryptocurrencies and virtual assets.
• Top regulators in the country issued a joint address via a circular.
• The circular explicitly banned the use of virtual assets as a means of payment.

Regulatory authorities in Kuwait have banned the use of cryptocurrencies and virtual assets. The country’s top regulators issued a joint address via a circular. They warned the citizens of Kuwait against the risks of engaging in cryptocurrency activities. The circular explicitly banned the use of virtual assets as a means of payment and prohibited any transactions involving cryptocurrencies for payment.

Kuwait’s crypto ban follows guidance included in recommendations published by the Financial Action Task Force watchdog for combating money laundering and the financing of terrorism. Several regulatory institutions came together to enforce the ban. They include the Central Bank of Kuwait, the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulatory Unit.

Also included in the ban is the use of cryptocurrencies for investment. Kuwaiti authorities noted the absence of legal status and government support for c…

The post Kuwait Bans Citizens From Engaging in Crypto-Related Activities appeared first on Coin Edition.

• Kuwait has banned the use of cryptocurrencies and virtual assets.
• Top regulators in the country issued a joint address via a circular.
• The circular explicitly banned the use of virtual assets as a means of payment.

Regulatory authorities in Kuwait have banned the use of cryptocurrencies and virtual assets. The country’s top regulators issued a joint address via a circular. They warned the citizens of Kuwait against the risks of engaging in cryptocurrency activities. The circular explicitly banned the use of virtual assets as a means of payment and prohibited any transactions involving cryptocurrencies for payment.

Kuwait’s crypto ban follows guidance included in recommendations published by the Financial Action Task Force watchdog for combating money laundering and the financing of terrorism. Several regulatory institutions came together to enforce the ban. They include the Central Bank of Kuwait, the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulatory Unit.

Also included in the ban is the use of cryptocurrencies for investment. Kuwaiti authorities noted the absence of legal status and government support for c…

The post Kuwait Bans Citizens From Engaging in Crypto-Related Activities appeared first on Coin Edition.