Regulatory Alerts2021-01-01
Circular No. 153 (2021) on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 153 (2021) to prohibit all banks operating in Palestine from engaging in, exchanging, or facilitating any transactions involving virtual currencies. The directive mandates financial institutions to implement automated controls to block such activities and to actively educate customers about the unregulated nature, extreme volatility, fraud risks, and potential use of virtual currencies for illicit financing. This enforcement measure reinforces previous regulatory guidance to protect citizens' funds and mitigate systemic financial risks associated with digital assets.
Share