News Explorer — Kuwait Bans Crypto Payments, Investment and Mining

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Jul 20, 8:33 am

Coindesk

Kuwait Bans Crypto Payments, Investment and Mining

Kuwait has issued a circular prohibiting the use of cryptocurrency for payments or investment in an effort to combat money laundering. The country's Capital Markets Authority has also banned digital asset mining, denied recognition of crypto as decentralized currency, and warned the public against providing crypto-related services. The prohibitions aim to comply with the FATF's global recommendations for crypto assets and are backed by penalties for violations.

Kuwait has issued a circular prohibiting the use of cryptocurrency for payments or investment in an effort to combat money laundering. The country's Capital Markets Authority has also banned digital asset mining, denied recognition of crypto as decentralized currency, and warned the public against providing crypto-related services. The prohibitions aim to comply with the FATF's global recommendations for crypto assets and are backed by penalties for violations.

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