Regulatory Alerts2021-01-01
Circular No. 150 Virtual Currencies
The Palestine Monetary Authority mandates that all banks operating in Palestine strictly prohibit any form of dealing, exchanging, or processing transactions involving virtual currencies. The directive requires financial institutions to implement automated controls to block customer accounts from trading or converting these assets and to educate clients on their unregulated status, extreme volatility, and susceptibility to fraud and cybercrime. This enforcement aims to protect citizens' funds from financial losses and prevent the use of virtual currencies for illegal activities.
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