Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (152/2021)
To all payment service companies operating in Palestine Date: Thursday, July 29, 2021

Subject: Virtual Currencies

In order to safeguard citizens' funds, protect them from fraud, and mitigate the risks of these operations being used for illegal activities and undertakings, we emphasize the necessity of adhering to the following:

1. A prohibition on dealing in any form with virtual currencies of all kinds, and implementing the necessary automated measures and controls to prevent dealing in them, exchanging them for other operations, or conducting other financial transactions.

2. Raising customer awareness regarding the risks of dealing in virtual currencies, and clarifying to them that providers of these operations are unlicensed and not subject to oversight by any regulatory authority, and that these operations:

   • Are highly volatile and cause severe financial losses to those dealing in them.
   • Are not guaranteed by any entity.
   • Are susceptible to fraud and cybercrime, making it difficult for citizens to trace and recover them.
   • May be used to fund illegal activities and undertakings.

Supervision Group
Palestine Monetary Authority

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Note:
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 P.O. Box Palestine - Ramallah & Al-Bireh Governorate info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Telephone Gaza - Palestine P.O. Box 4026 P.O. Box Palestine - Gaza Fax: +970 8 2844487 | Fax | Tel: +970 8 2825713 | Telephone www.pma.ps