Regulatory Alerts2017-01-01
Circular No. 60 (2017) on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 60 (2017) to prohibit all specialized lending institutions operating in Palestine from engaging in any form of transactions involving virtual currencies, particularly Bitcoin. This mandate is grounded in the PMA Law No. 2 of 1997 and aims to preserve a stable financial system and protect depositor funds. The prohibition applies comprehensively to all financial dealings with digital assets until further regulatory guidance is provided.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (60/2017)
To all specialized lending institutions operating in Palestine
Date: Tuesday, April 04, 2017
Subject: Virtual Currencies
Pursuant to the Palestine Monetary Authority Law No. (2) of 1997 and its amendments, and the regulations and instructions issued thereunder, and in order to maintain a stable and robust financial system and to safeguard depositors' funds, all specialized lending institutions are prohibited from dealing in any form with virtual currencies, particularly Bitcoin, for any financial transactions.
Deputy Governor
for Financial Stability Affairs
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps
www.pma.ps