The Kuwaiti Securities and Exchange Commission has officially approved its commitment to an absolute ban involving the majority of crypto transactions in the country.
On July 18, Kuwait’s main financial regulator, the Capital Markets Authority (CMA), issued a circular on the supervision and issuance of virtual assets in the country.
No gateway to crypto from Kuwait
In its circular, the CMA affirmed its commitment to an absolute ban on major use cases and operations involving cryptocurrencies, including payments, investments and mining. It also prohibited local regulators from issuing any licenses that allow firms to offer virtual asset services as a commercial enterprise.
Securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA are excluded from recent bans. Alongside the bans, CMS also emphasized that customers should be careful and aware of the risks when dealing with virtual assets. The regulator specifically focused on cryptocurrencies, arguing that they do not hold legal status, are not issued, and are not supported.
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