• Kuwait has banned almost all crypto and virtual assets transactions, as the country’s regulator issued a circular on July 18 reiterating its “absolute prohibition” on a host of crypto-related activities.
• Myanmar’s government in exile has backed the launch of the country’s first all-crypto bank which could help it gain access to better financial services.
• Several spot Bitcoin (BTC) exchange-traded fund applications made their way to the Federal Register this week just as the Nasdaq’s crypto custody service has been put on ice.
Kuwait Prohibits Crypto Transactions
Kuwait’s main financial regulator, the Capital Markets Authority (CMA), issued a circular on July 18th reiterating its “absolute prohibition” on a host of crypto-related activities such as payments, investments, and mining. The circular also bans local regulators from issuing any licenses allowing firms to provide virtual asset services as a commercial business. In addition, customers were urged to be cautious and aware of the risks associated with virtual assets due to their lack of legal status and lack of connection to an asset or issuer. Violations are subject to penalties stipulated in Article 15 of Law No. 106 of 2013. These regulations align with Kuwait’s measures to combat money laundering and terrorist financing.
Myanmar Launches All-Crypto Bank
Myanmar’s government in exile backed the launch of the country’s first all-crypto bank which could help it gain access to better financial services. This move is expected to open up access for citizens who might not have had access before due to restrictions imposed by traditional banks or other regulatory barriers they faced when trying to use cryptocurrencies like Bitcoin (BTC).
Spot BTC ETF Applications Reach Federal Register
Several spot Bitcoin (BTC) exchange-traded fund applications made their way to the Federal Register this week just as Nasdaq’s crypto custody service was put on ice for now due to delays caused by market volatility. If approved, these ETFs would create an additional avenue for investors looking for exposure in cryptocurrency markets without needing direct ownership over digital assets themselves.
Risks Associated With Virtual Assets
Customers investing in virtual assets should be careful and aware of the risks associated with them since prices are always driven by speculation that exposes them to sharp declines and they don’t carry legal status nor are they supported or linked with an issuer or asset .
Penalties For Violations
Penalties for violating Kuwait’s Anti-Money Laundering laws are stipulated in Article 15 of Law No. 106 from 2013; violations will lead into enforceable consequences according authorities’ decision .