Kuwait vs San Marino
Crypto regulation comparison
Kuwait
San Marino
Restricted
Legal
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.
San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.
Tax Type
None
Tax Type
Unclear
Tax Rate
0%
Tax Rate
N/A
Exchanges
No
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
CBK (Central Bank of Kuwait), CMA
Regulator
Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation
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
Key Points
- Delegated Decree on blockchain technology entities issued
- Licenses issued for blockchain-based businesses
- AIF provides regulatory oversight
- Small jurisdiction working to attract blockchain companies
- Developing comprehensive digital asset regulation