Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (153/2021)

To all exchange offices operating in Palestine

Date: Thursday, July 29, 2021

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Subject: Virtual Currencies

Further to Palestine Monetary Authority Circular No. (61/2017), 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. Prohibit dealing in virtual currencies of any kind in any form whatsoever, and implement the necessary automated measures and controls to prevent dealing in them, exchanging them for other currencies, or conducting other financial transactions.

2. Educate clients about the risks of dealing in virtual currencies, and notify 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 | Tel Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Fax | Tel: +970 8 2825713 | Tel