Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
Cc Not Explicitly Regulated But Not Prohibited In Kuwait
Although it has been over a year since public announcements were made about the possibility of cryptocurrency (CC) being banned in Kuwait and/or regulated; there is still no updates in connection with either proposed plans. I receive many inquiries from locals and foreigners about the purchase and sale of CC, and I can still firmly say that CC is not explicitly regulated within the State of Kuwait.
Law No. 32 for the Year 1968 with regard to Currency, Central Bank of Kuwait (CBK) and the Organization of the Banking Profession, governs banking and financial transactions within the State of Kuwait. While the CBK implements the laws and regulations related to the controls on currency exchange companies, there is no mention of CC within the Ministerial Order concerning Subjugation of the Currency Exchange Companies to the Control of the Central Bank of Kuwait. Further, CBK has not provided any indication that CC falls within the scope of Banking and Securities Laws. Due to there being no current laws that specifically reference or regulate CC, there is no prohibition on CC.
Moreover, there are several companies operating in Kuwait that buy and sell cryptocurrency, and CBK and other banking institutions within the State of Kuwait have used Ripple technology as a payment system (not the currency). This shows that CC is not prohibited in Kuwait, and possibly Kuwait’s willingness to continue researching ways to regulate and monetize on this type of currency
Â
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
Comments Post Comment