Regulatory Alerts2021-01-01
Circular No. 152/2021 on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 152/2021 to prohibit all payment service companies operating in Palestine from dealing in, exchanging, or facilitating any form of virtual currencies. The directive mandates these firms to implement automated controls to block such transactions and explicitly requires them to educate customers about the severe financial risks, lack of regulatory oversight, vulnerability to fraud and cybercrime, and potential use in illicit financing associated with these assets. Compliance with these prohibitions and consumer protection measures is strictly enforced to safeguard public funds and mitigate systemic financial risks.
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