What the regulator says
The measures used by the regulator are aimed at banning payments, investments and the extraction of digital assets. There is also a ban on local regulatory authorities to issue any licenses that would give permission to provide crypto asset services for commercial organizations.
At the same time, the ban does not apply to securities or other financial instruments regulated by the Central Bank of Kuwait or the CMA. The agency also urges to be careful and understand the risks that crypto assets carry.
The document also states that cryptocurrencies do not have a legal status. They are not supported by the government of at least some significant country. They also have no connection with other assets or issuing organizations. At the same time, the price is constantly formed from speculation.
The ministry noted that the introduced rules were created on the basis of measures related to the fight against money laundering and the financing of terrorist actions.