Kuwait’s supervisory authorities, including the Central Bank of Kuwait, the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulatory Unit, have jointly issued circulars to address the use and recognition of virtual assets within the country, Arabian Business reports. 

The circulars are in accordance with the recommendations set forth by the Financial Action Task Force (FATF) in Recommendation No. 15 to combat money laundering and the financing of terrorism.

The circulars explicitly bans the use of virtual assets as a tool or means of payment and prohibit any transactions involving cryptocurrency for payment purposes.