Regulatory Alerts2021-01-01
Circular No. 151/2021 on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 151/2021 to explicitly prohibit all specialized lending institutions operating in Palestine from engaging in any form of transaction involving virtual currencies of any kind. Building on previous regulations, the directive aims to protect citizens' funds from fraud and mitigate risks associated with the use of digital assets for illegal activities. This blanket ban reinforces the regulator's stance on maintaining financial stability and preventing illicit financial flows through unregulated digital payment methods.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (151/2021)
To all specialized lending institutions operating in Palestine
Date: Thursday, July 29, 2021
Subject: Virtual Currencies
Further to Palestine Monetary Authority Circular No. (60/2017), and in order to safeguard citizens' funds, prevent them from falling victim to fraud, and mitigate the risks associated with the potential use of these currencies for illegal activities and operations, we hereby reiterate the prohibition on dealing with virtual currencies in any form whatsoever, including all types thereof.
Supervision Group
Palestine Monetary Authority
Note: The original text is written in Arabic and has been copied exactly as it appears in the document.
Office Notes:
- Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Phone: +970 8 2875713
www.pma.ps