Kuwait Bans Crypto Payments, Warns About The Risks
A new law banning cryptocurrency payments and imposing heavy penalties on those who use it was passed by the Kuwaiti parliament last week.
The law, approved on Tuesday, comes amid a crackdown on cryptocurrencies in the country. The government of Kuwait has expressed its intention to prevent the use of cryptocurrencies for money laundering and terrorist financing.
Al Jazeera quoted the Kuwaiti Minister of Trade and Industry as saying that the ban is not a final decision and must be approved by the cabinet. When this happens, we will go back to using our own coins.
Under the new law, anyone found guilty of using virtual currency could face up to six months in prison or a fine of up to $20,000 (Dh73,626). Unlicensed cryptocurrency exchange providers can also face up to six months in prison or fines of up to $20,000 for each violation.
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The SEC has been working hard to find ways to regulate the XRP ecosystem. The first step was to create a self-regulatory organization made up of exchanges, where each one would agree on how much they could withdraw from their customers' accounts. But there is a problem; Ripple, the company that created XRP and owns nearly all of its tokens, is unwilling to do so.
The Securities and Exchange Commission (SEC) has finally found a solution to regulate the XRP ecosystem. They want to fix the mistake they made by allowing traders to buy, sell and trade XRP without regulations. The idea is that they should rely on an exchange principle called best execution with pre-agreed volume limits.
A new law banning cryptocurrency payments and imposing heavy penalties on those who use it was passed by the Kuwaiti parliament last week. The law, approved on Tuesday, comes amid a crackdown on cryptocurrencies in the country.
Kuwaiti parliament has passed a law banning the use of cryptocurrency payments in the country. The ban will be applicable to anyone caught using virtual currency as a payment method or buying goods or services using cryptocurrency.
A new law banning cryptocurrency payments and imposing heavy penalties on those who use it was passed by the Kuwaiti parliament last week. The law, approved on Tuesday, comes amid a crackdown on cryptocurrencies in the country.
A law banning cryptocurrency payments and imposing heavy penalties on those who use it was passed by the Kuwaiti parliament last week.
Kuwait last week passed a new law that took aim at cryptocurrency, banning the use of virtual currencies in payment transactions.
Kuwaiti lawmakers have approved a new law banning cryptocurrency payments, and imposing heavy penalties on those who use it.
Kuwait has just passed the new law on regulating cryptocurrency payments in the country. The law was approved by the Kuwaiti parliament last week and comes amid a crackdown on cryptocurrencies in the country.