Kuwait is the latest nation to prohibit practically all transactions involving cryptocurrencies such as Bitcoin (BTC).
The Capital Markets Authority (CMA), Kuwait’s principal financial regulator, released a circular regulating the supervision and issuing of virtual assets in the country on July 18.
The CMA confirmed its commitment to “absolute prohibition” on significant use cases and operations involving cryptocurrencies, including as payments, investments, and mining, in the circular.
The circular also prohibits local regulators from giving licences allowing enterprises to perform virtual asset services for profit.
Meanwhile, securities and other financial products regulated by the Central Bank of Kuwait and the CMA are exempt from the new regulations, according to the release.