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Kuwait Bans Cryptocurrencies, Putting An End To Virtual Assets

The Gulf state has also prohibited cryptocurrency mining.

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kuwait bans cryptocurrencies putting and end to virtual assets

Kuwait has enacted a complete ban on virtual asset transactions, making it illegal to digitally trade, transfer, or invest cryptocurrencies in the country. The Capital Markets Authority (CMA) also noted that the ban would extend to mining cryptocurrencies.

Non-fungible tokens (NFTs) are included in the ban, but the legislation does not extend to digital representations of physical currencies, securities, or other financial assets.

The new law aligns with Kuwait’s 2013 legislation concerning money laundering and terrorist financing. People breaching the regulations could face severe penalties, including fines and even imprisonment.

MENA countries, including Algeria, Egypt, Morocco, Tunisia, Saudi Arabia, Qatar, Jordan, Turkey, Iran, and Iraq, have all imposed restrictions or bans on virtual assets over the last few years. However, in stark contrast, Bahrain and the United Arab Emirates have encouraged the use of digital assets, and cryptocurrencies in particular.

Also Read: Threads: Everything You Should Know About The Twitter Alternative

Binance received a Dubai operating license in March 2022, around the same time the Virtual Assets Regulatory Authority was established there. Meanwhile, Bahrain’s Central Bank released a paper on virtual assets in November 2020, outlining how they could best be regulated and used in the Gulf state.

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Hamad International Wins 2024 Skytrax World Airport Awards

The Qatar airport also won “World’s Best Airport Shopping” for the 2nd time, and “Best Airport in the Middle East” for the 10th year.

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hamad international wins 2024 skytrax world airport awards

Hamad International Airport (DOH) in Doha, Qatar, has once again won the “World’s Best Airport” title at the Skytrax World Airport Awards. The award ceremony, held at the Passenger Terminal Expo 2024 in Frankfurt, Germany, also saw Hamad clinch the accolade of “World’s Best Airport Shopping” for the 2nd time in a row and “Best Airport in the Middle East” for an impressive 10th consecutive year.

Qatar Airways Group Chief Executive Officer, Eng. Badr Mohammed Al-Meer, who played a key role in the airport’s development over the past decade, said: “This is a remarkable achievement for Hamad International Airport, as it celebrates its 10th anniversary of operational excellence, connecting passengers seamlessly from all around the world. It is a testament to the dedication of our team and partners, who have contributed to providing passengers with the finest travel experience”.

hamad international airport doha qatar

Al-Meer emphasized the importance of understanding changing travel trends and the needs of modern air passengers: “At the heart of our growth strategy lies the passengers’ journey, their evolving needs, and our commitment to meeting and exceeding their expectations. We have introduced a diverse range of experiences at the airport, including Souq Al Matar, which brings Qatari hospitality and culture closer to travelers, “Orchard”, the ideal place for relaxation and rejuvenation between flights, and an array of high-end lounges”.

Also Read: Top E-Commerce Websites In The Middle East In 2024

Hamad International Airport saw a massive 31% surge in passenger traffic during 2023, with the transport hub now serving over 45 million passengers annually. The airport is now home to prestigious airlines, including Vistara, Iberia, Xiamen Airlines, Garuda Indonesia, and Japan Airlines, serving 250+ destinations for passenger and cargo flights.

The uptick in traffic is no doubt due to the completion of the first phase of an extensive expansion project. Hamad’s management intends to radically update the airport’s facilities over the coming years in a bid to create the “airport of the future”. The expansion features a unique and calming environment of lush greenery and several contemporary dining and shopping concepts among the already well-equipped leisure facilities.

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