Kuwait Capital Markets Authority (CMA) Imposes “Absolute Ban” on Cryptocurrency Transactions

The Kuwait Capital Markets Authority (CMA) has issued an important announcement. The oversight board has reaffirmed its intention to execute a “absolute ban” on nearly all operations related to cryptocurrency. This ban essentially imposes strong limitations on the usage and exchange of digital currencies and covers payments, investments and mining. The CMA also forbids regional authorities to grant licenses to companies that offer services related to virtual assets .

Exemption for Regulated Securities and Financial Instruments

The restriction does not apply to securities and other financial instruments governed by the Central Bank of Kuwait and the CMA despite the fact that it applies to a wide variety of cryptocurrency-related activities . This exception guarantees that conventional financial markets will continue to be governed and supervised by the appropriate authorities . The CMA has stressed the value of caution and understanding of the dangers involved with cryptocurrencies.

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