Can You Buy Crypto in Kuwait?
Yes, it is possible to buy cryptocurrency in Kuwait through a Central Bank of Kuwait approved exchange. These exchanges are regulated and authorized by the central bank to provide trading services for cryptocurrencies. Individuals in Kuwait can use these exchanges to purchase cryptocurrencies, subject to the rules and regulations set by the central bank.
How to Buy Crypto in Kuwait
As outlined above, the best way to invest in crypto assets is through an approved exchange like Bybit. Their platform supports instant and cheap KWD deposits via bank transfer, debit card, credit card and other online payment methods.
You can follow this simple 4 step process to get started:
- Sign up to Bybit with your email address and create a password.
- Tap 'Buy Crypto', then 'One-Click Buy' and select 'KWD' as your currency.
- Select a method and the cryptocurrency you want to purchase.
- Enter the amount you want to purchase and tap the 'Buy' button.
Is Crypto Investing Legal in Kuwait?
The legality of cryptocurrency investing in Kuwait is not yet fully clear. While there are currently no specific laws in Kuwait that prohibit the use or trading of cryptocurrencies, there have been some warnings issued by the country's central bank cautioning individuals against investing in cryptocurrencies due to the high risks involved.
However, in 2019, the Central Bank of Kuwait issued regulations for cryptocurrency exchanges operating in the country, which suggest a positive stance towards the industry. The regulations require exchanges to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) rules and regulations, as well as establish a clear governance structure and risk management policies.
Is it Expensive to Purchase Cryptocurrencies?
This depends on what exchange you use to buy cryptocurrencies. Every cryptocurrency investing platform has different pricing and some exchange charge multiple fee types including deposit, trading, FX, admin, account and withdrawal. Bybit however, only charges one fee and that is a 0.1% trading fee any time you buy or sell cryptocurrencies. Deposits and withdrawals are free on Bybit.
In conclusion, buying cryptocurrency in Kuwait is possible through a Central Bank of Kuwait approved exchange, such as Bybit. While the legal status of cryptocurrency investing in Kuwait is not yet fully clear, the Central Bank of Kuwait has issued regulations for cryptocurrency exchanges operating in the country, which suggest a positive stance towards the industry. Bybit is a reputable platform with over 400 different cryptocurrencies and is available in Kuwait as well as 150 other countries. It offers instant and cheap KWD deposits and charges only a 0.1% trading fee any time you buy or sell cryptocurrencies.