Kuwait & Crypto!
📣Kuwait has banned cryptocurrency and virtual assets transactions in the country.
➡️Kuwait’s Capital Markets Authority has officially confirmed the commitment to “absolute prohibition” of virtually all crypto operations in the country.
➡️Source: https://cointelegraph.com/news/crypto-kuwait-bans-crypto-and-virtual-assets-transactions
So, people of Kuwait can't be involved in crypto anymore? As far as I know, many countries haven't legalized crypto, but people are still trading from those countries
Maybe they can, I think there are some exchanges available where traders don't need to complete KYC to deposit/withdraw & trade cryptos.
This may be a huge blow to some formal institution who may want explore the opportunities in cryptocurrency and Blockchain technology but I guess with some exchanges that has P2P features individuals should be able to still enjoy the service of exchanges. Besides, cryptocurrency was originally designed for peer 2 peer transactions
China has banned crypto quite several times,later came back to crypto again & again😑. Maybe Kuwait will be doing so , because blockchain tech is unstoppable.
It has been a norm and I guess government are still exploring the potential of Blockchain tech and prolly a way to regulate it before it becomes legal. Either way it still violate the decentralization of crypto and Blockchain and that's why many traders aren't comfortable with mandatory KYC by some regulated exchanges.
Governments should take the initiative from El-Salvador. They've regulated & implemented crypto. And Yeap, there are very few reputable CEXs like Bitget/Mexc/BingX are available where we can get almost all features without going through KYC!
As far as I know, I think it's only less than 3 counties globally that has shown support and legalize the use of crypto but the amazing thing is that, adoption is still on the rise. I strongly believe this is unconnected to the fact that the crypto industry has been quite successful and one that has presented the largest opportunity of the last decade. Government of the countries can't fight crypto because it's already too late and the early they accept it is the future financial system, the better.