KUWAIT has imposed absolute ban on cryptocurrency and mining activities as part of a crackdown against money laundering.
The Capital Markets Authority, Kuwait’s primary financial regulator, announced a ban on transactions involving digital currencies like BTC and Ethereum.
The ban covers the issuance, investment, and mining of digital assets by residents.
Local regulators are prohibited from issuing operational licenses to firms with digital currencies as their main object clause.
In terms of the ban on digital asset mining, authorities warned the public that companies are not allowed to provide any type of crypto-related services.
The move was part of the country’s strategy to combat money laundering and comply with the Financial Action Task Force’s (FATF) global recommendations for crypto assets.
Authorities warned any violations of the prohibitions would result in penalties.
