Angelika Hellweger of Rahman Ravelli assesses Kuwait's
decision to prohibit cryptoassets.
Kuwait has announced that the country is committed to banning
almost all cryptoasset operations within its borders.
Kuwait's main financial regulator, the Capital Markets
Authority (CMA), has issued a circular about the supervision and
supply of virtual assets in the country.
In it, the CMA confirms a commitment to "absolute
prohibition" of operations involving cryptocurrencies,
including payments, investments and mining. It also bans local
regulators from issuing licences allowing firms to provide virtual
asset services.
Securities and other financial instruments regulated by the
Central Bank of Kuwait and the CMA are, however, not subject to
prohibition.
