Kuwait's financial regulatory authority issues a cryptocurrency ban

ChainCatcher news, Kuwait's main financial regulatory authority, the Capital Markets Authority (CMA), has issued a notice regarding the regulation and issuance of virtual assets in the country. The notice states that Kuwait "absolutely prohibits" the use of cryptocurrencies for payments, investments, and mining.

It is reported that the notice also prohibits local regulatory authorities from issuing any licenses that allow companies to provide virtual asset services as a business. Meanwhile, securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA are not subject to the latest ban. In addition to the aforementioned prohibitions, the CMA also advises users to exercise caution and be aware of the risks associated with handling virtual assets. The regulatory authority states that cryptocurrencies do not have legal status and are not issued or supported by any government. (source link)