Regulatory Alerts2021-01-01
Palestine Monetary Authority Circular No. 152/2021 on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 152/2021 to prohibit all licensed payment service companies in Palestine from dealing in, exchanging, or processing any transactions involving virtual currencies. The directive requires firms to deploy automated controls to block such activities and to actively educate clients about the severe financial risks, absence of regulatory oversight, and high susceptibility to fraud and cybercrime associated with these assets. By classifying virtual currencies as highly volatile, unguaranteed, and prone to illicit financing, the circular reinforces a comprehensive operational ban designed to safeguard public funds and maintain financial system integrity.
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