As part of its efforts to promote financial literacy across society and in support of the Let’s Be Aware “Diraya” Campaign

• AbdulMohsen Al-Nassar: Digital assets are not subject to the supervision of the Central Bank of Kuwait, or any other supervisory institution in Kuwait

As part of its efforts to promote financial literacy across various segments of society, Gulf Bank has been educating customers about the underlying risks that may result from dealing with virtual assets activities, which are carried through transactions made outside Kuwait, especially cryptocurrency – as it does not hold any legal standing, and it is not issued or supported by any government, nor is it linked to any asset or issuer.

This is part of Gulf Bank’s continuous support towards the Let’s Be Aware “Diraya” campaign, for the third consecutive year – which is initiated by the Central Bank of Kuwait and the Kuwait Banking Association – that aims to spread financial literacy in society, raise awareness of the role of the banking sector, and promote the various services that banks offer to their customers.

Gulf Bank's Corporate Communications Officer, Mr. AbdulMohsen Al-Nassar, mentioned that the prices of these assets are always driven by speculation that exposes them to a sharp decline – indicating that virtual assets do not include digital representation of banknotes, securities etc. and are not subject to the supervision of the Central Bank of Kuwait, or any other supervisory institution in Kuwait. Additionally, virtual assets are decentralized and difficult to control; hence, it is not possible to monitor and follow up with operations made through them.

Furthermore, Al-Nassar indicated that the Central Bank of Kuwait absolutely prohibits the usage of virtual assets as a payment instrument or treating it as a de-centralized currency in the State of Kuwait; therefore, it is required to refrain from conducting any transactions where virtual currency is used as a payment instrument within the scope of this prohibition.

The Central Bank of Kuwait also prohibits all minting activities of virtual asset/currency, as well as using virtual assets as a means of investment instruments, hence, it is required to refrain from providing such type of services to any customer. Additionally, the Central Bank of Kuwait stressed that no natural person or corporate, shall be granted or issued any license inside Kuwait, to provide virtual asset activity for their own business or on behalf of third parties, as and no such license has been previously issued.

Gulf Bank's vision is to be the leading Kuwaiti Bank of the Future. The Bank is constantly engaging and empowering its employees as part of an inclusive and diversified workplace in recognition of every employee’s role in delivering customer excellence and serving the community at large. With its extensive network of branches and innovative digital services, Gulf Bank is able to give its customers the choice of how and where to conduct their banking transactions, all while ensuring a simple and seamless banking experience.

Gulf Bank is committed to maintaining robust developments in sustainability at environmental, social and governance levels through diverse sustainability initiatives, strategically selected to benefit the Bank both internally and externally. Gulf Bank supports Kuwait Vision 2035 “New Kuwait” and works with various parties to achieve it.