Regulatory Alerts2021-01-01
Palestine Monetary Authority Circular No. 153/2021 on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 153/2021 to prohibit all exchange offices in Palestine from dealing in, exchanging, or processing any financial transactions involving virtual currencies. The directive mandates that institutions implement automated controls to block such activities and explicitly notify clients about the unregulated status, extreme volatility, fraud risks, and potential use of virtual currencies for illicit financing. This measure reinforces previous regulatory guidance to protect citizens' funds and mitigate systemic financial risks associated with digital assets.
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