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, prevent them from falling victim to fraud, and mitigate the risks associated with the use of these currencies in illegal activities and operations, we emphasize the necessity to comply with the following:

1. Prohibition of 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 currencies, 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 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 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 operations.

Supervision Group
Palestine Monetary Authority

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