Kuwait Reaffirms Ban on Transactions with Cryptocurrency

The Central Bank of Kuwait, the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulatory Unit issued circulars on the ban on cryptocurrency.

The circular recognized cryptocurrency and any virtual assets as decentralized currency and completely forbids citizens and residents from using this currency for investment.

Banning cryptocurrency also means that all institutions in Kuwait are prohibited from providing these services to their customers or clients.

According to the circular, Kuwait's locals and residents are also not to be issued a license to provide virtual assets for business benefits or on behalf of others.

The new regulation also bans virtual currency or asset mining activities in Kuwait.