Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2021/153)
To all banks operating in Palestine
Date: Thursday, July 29, 2021

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Subject: Virtual Currencies

In reference to Palestine Monetary Authority Circular No. (2017/61), and aiming to safeguard citizens' funds, prevent them from fraud, and mitigate the risks of these currencies being used for illegal activities and operations, we hereby reiterate the necessity to comply with the following:

1. Prohibition of dealing with virtual currencies in any form whatsoever, of all types, and implementing the necessary automated measures and controls to prevent dealing with them, exchanging them for other currencies, or conducting other financial transactions.

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

   • Are highly volatile and cause severe financial losses to traders.
   • 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 operations.

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Supervision Department
Palestine Monetary Authority

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www.pma.ps

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