Regulatory sources revealed that the Kuwait Capital Markets Authority has formed a committee that is directly under the supervision of the Authority's Board of Commissioners, and is specialized in regulating financial technologies "fintech" related to securities activities, in line with the The current and future strategy of the "Markets Authority".

The sources told Al-Rai newspaper, "The committee is still working in full swing and submitting technical reports that reflect the developments it monitors in this regard to the Board of Commissioners, with the aim of reaching a final vision." Which serves the directions of the authority in a manner that does not conflict with the control procedures followed by the relevant authorities.”

On the possibility of regulating cryptocurrencies by the "Markets Authority", the sources made it clear that the matter does not fall within the scope of the regulatory framework that is being prepared by the authority, pointing out that This falls under the authority of the Central Bank of Kuwait, which is the authority concerned with regulating paper and digital currencies in terms of their issuance and the policies for determining their values ​​and approving their use as a means of payment, whether for currencies issued locally or globally existing currencies.

And she continued that the role of cryptocurrencies within the regulatory framework of the Authority and with regard to "Fintech", which is currently being prepared, is limited to being one of the available payment and financial transaction methods. In the financial technology services that will be regulated and licensed by the Markets Authority, which will be concerned with securities tools and activities only, provided that those currencies are among the currencies authorized by the concerned regulatory authority in the country.

And she added that the current and future strategic plan of the "Markets Authority" is concerned with completing the work of coordination and continuous cooperation with the "Central" through the memorandum of understanding between the two sides, to determine the aspects of regulating the part. of the authority and keep abreast of its development and regulatory frameworks.

She indicated that the "Markets Authority", in cooperation with the "Central", issued a joint awareness announcement some time ago about the risks of cryptocurrencies and virtual assets, noting that the Authority is following market developments. The world and the mechanisms of dealing with these currencies, as well as the mechanisms of their trading.