Kuwait’s Central Bank Bans Crypto Mining Operations
The Central Bank of Kuwait has issued a warning about cryptocurrency mining operations, claiming that they violate the country's anti-money laundering laws and can lead to fraud.
The bank also said it would ban all cryptocurrency mining in the country.
According to the statement, banks will be required to monitor all accounts involved in cryptocurrency mining, including customer and third-party accounts. The bank also said that any accounts used for cryptocurrency mining will be suspended immediately.
Kuwait is one of the most active countries when it comes to crypto regulation in the Gulf. In May 2018, the country's government passed a new law banning anonymous trading of cryptocurrencies like bitcoin and ethereum. It also recognizes bitcoin as property and not currency under new terrorism financing and money laundering laws.
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