Central Bank of Kuwait — circular of 17 July 2023 on virtual-asset transactions: no payment or investment use, no licences for virtual-asset services, no mining

Issued to all local banks, finance companies and exchange companies on 17 July 2023, following the National AML/CFT Committee's study of FATF Recommendation 15.
- Virtual assets may not be used as a means of payment or recognised as a decentralised currency in Kuwait.
- Dealing in virtual assets as an investment is prohibited; the service may not be provided to any customer.
- No natural or legal person in Kuwait is granted a licence to provide virtual-asset services as a business (none had been granted).
- Securities regulated by the Central Bank and financial instruments regulated by the Capital Markets Authority are excluded.
- All virtual-asset mining is prohibited.
- Customers are to be kept aware of the risks of virtual assets dealt in abroad.
- A breach is subject to the measures and penalties of Art. 15 of Law No. 106 of 2013.

A Kuwaiti business offering crypto services is, on this circular, unlicensed by definition — a red flag in due diligence, and the reason KMI records virtual-asset activity only as unlicensed or ceased.