Regulatory Alerts2017-01-01
Palestine Monetary Authority Circular No. 61/2017 on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 61/2017 to prohibit all exchange offices and companies operating in Palestine from dealing with virtual currencies, specifically Bitcoin, in any form. This ban encompasses exchanging virtual currencies for fiat money, processing related financial transfers, and engaging in any other financial transactions involving these assets. The directive is issued under the Authority Law No. 2 of 1997 to maintain a stable and robust financial system and protect depositors' funds.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (61/2017)
To all exchange offices/companies operating in Palestine
Date: Tuesday, April 04, 2017
Subject: Virtual Currencies
Based on the Palestine Monetary Authority Law No. (2) of 1997 and its amendments, and the regulations and instructions issued pursuant thereto, and aiming to maintain a stable and robust financial system and to protect depositors' funds, exchange offices/companies are prohibited from dealing in any form with virtual currencies, particularly Bitcoin, whether by exchanging them for other currencies, in incoming and outgoing financial transfers, or through any other financial transactions.
Deputy Governor Financial Stability Affairs
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps
www.pma.ps
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps