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Kuwait vs Turkey

Crypto regulation comparison

← Back to map | Kuwait | Turkey
Kuwait

Kuwait

Turkey

Turkey

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.

Turkey has one of the highest crypto adoption rates globally, driven by lira depreciation and high inflation. While crypto ownership is legal, the CBRT banned crypto payments in April 2021. In 2024, Turkey passed comprehensive crypto legislation under the Capital Markets Law amendment, giving the CMB authority to license and regulate crypto asset service providers. No crypto-specific tax exists yet, though legislation is under consideration. MASAK (Financial Crimes Investigation Board) oversees AML compliance.

Tax Type None
Tax Type None
Tax Rate 0%
Tax Rate 0% (legislation pending)
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CBK (Central Bank of Kuwait), CMA
Regulator CMB (Capital Markets Board), CBRT (Central Bank), MASAK
Stablecoin Rules No specific stablecoin regulation
Stablecoin Rules Under development; CBRT banned crypto for payments
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
  • 2024 Capital Markets Law amendment gives CMB authority to license crypto platforms
  • CBRT banned the use of crypto assets for payments in April 2021
  • No crypto-specific tax currently; capital gains tax legislation under discussion
  • MASAK enforces AML/KYC requirements on crypto platforms
  • Turkey ranks among top 5 globally for crypto adoption (driven by lira depreciation)
Sources
Sources