Cuba vs Kuwait
Crypto regulation comparison
Cuba
Kuwait
Legal
Restricted
Cuba's Central Bank issued Resolution 215/2021 recognizing virtual assets and establishing a licensing framework for virtual asset service providers (VASPs). The BCC evaluates and grants one-year licenses to VASPs. US sanctions limit access to international platforms but domestic crypto use is formally regulated.
Kuwait has taken a restrictive approach to cryptocurrency. The Central Bank of Kuwait and the Capital Markets Authority have prohibited banks and financial institutions from processing crypto transactions. There is no licensing framework for crypto exchanges. However, owning crypto is not explicitly illegal, and there is no personal income tax in Kuwait, so no crypto-specific tax applies.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
0%
Exchanges
Yes
Exchanges
No
Mining
No
Mining
Yes
Regulator
Banco Central de Cuba (BCC)
Regulator
CBK (Central Bank of Kuwait), CMA
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation
Key Points
- Resolution 215 (2021) allows central bank to license virtual asset service providers
- Central Bank licenses virtual asset service providers under Resolution 215
- VASPs must comply with AML/KYC requirements and report to the central bank
- US sanctions significantly limit access to international crypto platforms
- Government agencies may not use virtual assets without BCC authorization
Key Points
- CBK prohibits banks and financial institutions from dealing in virtual currencies
- No licensing framework exists for crypto exchanges or VASPs
- Personal ownership of crypto is not explicitly criminalized
- No personal income or capital gains tax in Kuwait applies to crypto
- CMA has warned investors about the risks of cryptocurrency