Kuwait's financial regulator has declared a total ban on cryptocurrencies. The Capital Markets Authority (CMA) released this directive on Monday, according to coindesk. The sweeping ban covers crypto payments, investments, and mining. The aim is to curb money laundering. The CMA ...
Kuwait's financial regulator has declared a total ban on cryptocurrencies. The Capital Markets Authority (CMA) released this directive on Monday, according to coindesk.
The sweeping ban covers crypto payments, investments, and mining. The aim is to curb money laundering. The CMA has warned the public about firms providing crypto-related services.
The regulator has made an exception for securities overseen by the Central Bank of Kuwait and the CMA. They are not part of the prohibition.
This action follows the guidelines of the Financial Action Task Force (FATF). However, FATF itself has not requested a complete crypto ban.
The country's anti-money laundering and anti-terrorism financing committee carried out a study before the announcement. The CMA has cautioned its citizens about the risks associated with volatile cryptocurrencies without legal status.
The CMA has stated that violations of these prohibitions will lead to penalties.
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