On July 18th, the Capital Markets Authority (CMA), the main financial regulatory authority in Kuwait, issued regulations for monitoring and issuing digital assets within the country.
Kuwait will become the latest region to ban most cryptocurrency-related activities like Bitcoin.
CMA has confirmed its commitment to an “absolute ban” on the use and main activities related to cryptocurrencies, including payments, investments, and mining.
Securities and other financial instruments managed by the Central Bank of Kuwait and CMA are exempted from the latest prohibitions.
According to the regulation, penalties for violations of Kuwait’s Anti-Money Laundering Law are stipulated in Article 15 of Law No. 106 of 2013.
The regulatory authority stated that Kuwait’s new regulations are in line with the country’s anti-money laundering and counter-terrorism financing measures.