Regulatory Alerts2017-01-01
Circular No. 61/2017 on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 61/2017 to strictly prohibit all licensed exchange offices and companies operating in Palestine from engaging in any transactions involving virtual currencies, particularly Bitcoin. This comprehensive ban covers all forms of exchange, including conversions against fiat currencies, incoming and outgoing remittances, and any other financial dealings. The directive is grounded in the PMA Law No. 2 of 1997 and aims to preserve financial system stability and safeguard depositors' funds.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (61/2017)
To all exchange offices/companies operating in Palestine Date: Tuesday, April 04, 2017
Subject: Virtual Currencies
Based on the Palestine Monetary Authority Law No. (2) of 1997 and its amendments, and the regulations and instructions issued thereunder, aiming to maintain a stable and resilient financial system and to protect depositors' funds, exchange offices/companies are strictly prohibited from dealing in any form with virtual currencies, particularly Bitcoin, whether as an exchange for other currencies, in incoming and outgoing remittances, or in any other 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
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