Ways eyed to tackle cryptocurrencies – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Ways eyed to tackle cryptocurrencies – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

KUWAIT CITY, Nov 28: The Communications and Information Technology Regulatory Authority is exerting efforts to develop the regulatory and legal frameworks to deal with what it called unbridled control in Kuwait on encrypted electronic currencies, foremost of which is Bitcoin, the most traded and the most prominent globally, reports Al-Rai daily. According to reliable sources the Communications Authority is preparing to elicit the views of the Ministries of Interior, Electricity and Water, in addition to the Central Bank of Kuwait, the Fatwa and Legislation Department of the Council of Ministers and the General Administration of Customs on the perceptions presented by each party, paving the way for setting up a specific mechanism for state institutions to deal legally with trading in encrypted currency, and its miners inside Kuwait.

The sources said “what gives this government coordination its momentum is the seizure of technical devices that were seized by the Customs Administration last week, which were of high specifications and power, and it was later revealed after the Communications Authority revealed that it includes Bitcoin mining.” The sources indicated that the absence of clear special laws regarding dealing with cryptocurrencies locally puts the concerned authorities in the face of a