According to Cointelegraph, Kuwait will be the current jurisdiction to stop all operations involving cryptocurrencies like Bitcoin digitally.
Sources revealed that on July 18, 2023, Capital Markets Authority (CMA), Kuwait’s major financial regulator, proposed a circular on the ruling and issuance of digital assets in the country, Cointelegraph added.
It is believed that CMA mentioned “absolute prohibition” on major use cases and operations involving cryptocurrencies, including payments, investments, and mining. “It is not linked to any asset or issuer, and the prices of these assets are always driven by speculation that exposes them to a sharp decline,” Capital Markets Authority explained.
It is expected that the regulator mentioned that Kuwait’s new regulations might combat money laundering and terrorist financing. The CMA also mentioned a study by the National Committee for combating money laundering and financing of terrorism which is expected to include recommendation 15 by the Financial Action Task Force, Cointelegraph concluded.
(With insights from Cointelegraph)