Country overview

#134

Kuwait

Country stats

Rating Points

This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.

Crypto Penetration

0.25%

Estimated percentage of crypto users out of the country's total population based on public data.

Legal Entities

Number of crypto companies registered in the country based on regulator data if available or other types of public data.

Regulation Points

An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.

Amount of crypto users

10 000

Total amount of crypto users out of the country's total population based on public data.

Taxation points

This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.

Market volume points

A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.

Status of crypto

Ban

General status of cryptocurrency regulation in this jurisdiction.

Crypto payments

Ban

The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.

Security Level

Safe place

The overall level of security in a given country based on open data.

Crypto Salaries

No info

The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.

Business Climate

No info

Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.

Stablecoin Regulation

No info

This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.

Bad Factors

This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.

Types of licenses

No licenses exist

Good

Medium

Bad

intro

This is general info about crypto regulation in Kuwait. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

Kuwait (1) is a country located in Western Asia with a population of 4,310,000 people and an area of 18,000 km².

Citizens of almost all countries must have a visa to visit Kuwait (2). However, you can obtain it upon arrival at the airport or submit an online application before your trip. It is also worth mentioning that if a person wants to stay in Kuwait for more than 3 months, then He must apply for a Kuwait visa from the nearest Kuwaiti embassy or consulate.

Based on Wego (3) Kuwait’s residence visa is divided into three types: domestic visa, work visa, and dependent visa. Three different types of resident visas require a sponsor. If they have sufficient resources and reside in Kuwait for a long time, foreigners can sponsor their residence regardless of whether they are allowed to work or not. Citizenship of Kuwait can be granted by Decree, based on the recommendation of the Minister of the Interior, to any adult who fulfills the following criteria: legal residence in Kuwait for a minimum of 20 consecutive years (or 15 years for Arab nationals) possession of a legitimate source of income.

Security level

Kuwait has a moderate danger security level according to our rating. Jurisdiction has 67,2 points (from 100) for safety level in Numbeo crime rating (4). The homicide level (5) is 0,3 per 100,000 inhabitants a year. Level of firearm-related death (6) 0,36 per 100,000 inhabitants a year.

Crypto Payments

Based on Regtechtimes (7) Kuwait has prohibited the use of cryptocurrencies and crypto payments.

Crypto Salaries

Since cryptocurrencies are not recognized as legal tender in Kuwait, payment of salaries in cryptocurrencies is prohibited.

Legal

In July of 2023, Kuwait (8) banned crypto payments, mining, and investments by circular of CMA.

Recently DigiDinar (9) announced it has launched in Kuwait to offer real-time trading solutions to the global audience. Operated by DigiDinar Technologies Kuwait, the company claims to be a “regulated platform with a technology and brokerage license issued by the country’s Ministry of Commerce and Industry.”

Cryptocurrencies (10) are not accepted for use in formal business transactions by Kuwait's Ministry of Finance. The Central Bank of Kuwait (CBK) also forbids the trade of cryptocurrencies by the banking industry and the businesses it controls. The limitation covers tolerating the utilization of digital currencies in electronic installment exchanges and interceding between gatherings to cryptographic money exchanges.

Taxation

Kuwait (11) doesn’t levy tax on income generated by individuals but will tax a corporate entity involved in Bitcoin mining at a flat rate of 15 percent for locally owned companies, or those involving Gulf Cooperation Council states.

Links

1) 👉🏻Kuwait. Wikipedia

2) 👉🏻Visa for Kuwait

3) 👉🏻Residence permit in Kuwait

4) 👉🏻Crime Index by Country 2023 Mid-Year

5) 👉🏻List of countries by intentional homicide rate

6) 👉🏻List of countries by firearm-related death rate

7) 👉🏻Cryptocurrency in Kuwait

8) 👉🏻Capital Markets Authority. Circulars

9) 👉🏻New cryptocurrency exchange launches in Kuwait

10) 👉🏻Blockchain & Cryptocurrency Laws And Regulations In Kuwait | Kuwait Local

11) 👉🏻Kuwait offers a low-cost haven for Bitcoin miners