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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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Google To Launch AI Hub In Saudi Arabia, Aiming For $71B GDP Boost

The tech giant also plans to develop local AI solutions, and train regional talent to foster innovation and entrepreneurship.

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google to launch ai hub in saudi arabia aiming for $71 billion gdp boost
Saudi Arabian Public Investment Fund (PIF)

Google has announced plans to set up a cutting-edge artificial intelligence (AI) hub in Saudi Arabia, a move aimed at accelerating technological growth and economic development across the wider gulf region. The ambitious project aligns with Saudi Arabia’s Vision 2030, an initiative that champions technology and innovation as central to economic diversification away from the oil industry.

According to Google, the hub has the potential to contribute as much as $71 billion to Saudi Arabia’s economy. The initiative will likely speed up the adoption of AI across industries such as healthcare, retail, and financial services — not only within Saudi Arabia but also throughout the wider MENA region and beyond.

Yasir Al Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), highlighted the importance of the project for the Kingdom: “This partnership demonstrates PIF’s dedication to fostering an AI-friendly environment through investments in human capital and technology, upskilling thousands with cutting-edge tools to support our sustainable and innovative infrastructure goals,” he explained. Al Rumayyan also emphasized that Saudi Arabia’s combination of sector knowledge and long-term investment strategies makes it an ideal environment for global technology partnerships.

Also Read: Top Free AI Chatbots Available In The Middle East

A central aim of Google’s initiative is nurturing local talent. The AI hub will offer a range of training, research, and collaboration opportunities for developers, researchers, and entrepreneurs within Saudi Arabia. Google envisions training “millions” of people, helping to create a robust innovation ecosystem that supports entrepreneurship and ensures economic benefits reach all segments of society.

As international technology giants increasingly look to develop solutions tailored to regional needs, Google’s initiative reflects a progressive approach that leverages the strengths of local markets. With the potential to inject billions into the economy and strengthen digital capacities, Saudi Arabia could soon emerge as a prominent center for AI innovation in the Middle East.

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