Kuwait has joined the growing list of countries imposing stringent restrictions on cryptocurrency operations.
The Capital Markets Authority (CMA), the country’s main financial regulator, issued a circular on July 18 outlining a complete prohibition on most activities involving cryptocurrencies like Bitcoin.
According to the circular, the CMA unequivocally forbids major use cases and operations involving cryptocurrencies, including payments, investments, and mining.
Additionally, local regulators are prohibited from granting licenses to firms for providing virtual asset services as a commercial business.
It is worth noting that the ban does not apply to securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA.
Amid the prohibitions, the CMA also urged customers to exercise caution and be fully aware of the risks associated with virtual assets.
The regulator emphasized that cryptocurrencies lack legal status and are not issued or supported by any authorized entity.
