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Kuwait’s Capital Markets Authority Imposes Absolute Ban on Crypto
On July 18, 2023, Kuwait’s Capital Markets Authority (CMA) made a significant move in the world of finance by issuing a circular that enforces an “absolute prohibition” on almost all cryptocurrency operations within the country. With this latest development, Kuwait joins the ranks of jurisdictions taking a strict stance against cryptocurrencies such as Bitcoin. The circular has far-reaching implications for the nation’s financial landscape and has sparked debates on the potential consequences of such a ban. In this article, we explore the details of the ban, its impact on the crypto market, and the reasons behind the CMA’s decision.
Kuwait’s Capital Markets Authority Announces Ban on Crypto Operations
The CMA, which acts as the main financial regulator in Kuwait, has formally announced its intention to prohibit a wide range of crypto operations. The circular, released on July 18, leaves no room for ambiguity as it enforces strict restrictions on major use cases and operations related to cryptocurrencies. This includes transactions such as payments, investments, and even mining activities.
