Kuwait Bans Bitcoin Payments, Investment & Mining
Kuwait's Capital Markets Authority has confirmed its commitment to enact an absolute prohibition on Bitcoin operations in the country in an effort to meet AML requirements set by Financial Action Task Force (FATF).
- Kuwait’s financial regulator, the Capital Markets Authority (CMA), issued a circular in which it placed an "absolute" ban on Bitcoin and crypto payments, all Bitcoin and digital asset mining, prohibited the recognition of Bitcoin as decentralized currency, and warned that companies are not allowed to provide any type of crypto-related services.
- "The prohibitions are aimed at coming into compliance with the Financial Action Task Force's (FATF) global recommendations for Bitcoin and crypto assets, and followed a study into the sector by the the National Committee for Combating Money Laundering and Financing of Terrorism," Coindesk wrote.
- "Securities regulated by the Central Bank of Kuwait and other securities and financial instruments regulated by the Capital Markets Authority are excluded from this prohibition," the circular said.
