ALRAQABA . ISSUE 15
47
Recommendations
1. The oversight bodies are to keep pace with the technological advancements in the domain of
currencies, promote an environment of financial technologies to elevate the efficiency of monetary
transactions, and ensure the durability and safety of the technological innovations to be adopted.
2. It is advised to take a number of precautionary and preventive measures to mitigate the negative
implications of using crypto/ virtual/ digital currencies.
3. It is necessary to develop the capacities of the concerned parties in combating money laundering,
drug dealing, hacking, and terrorism in order to enable them to excel and keep up with the
operational and technical skills of the offenders who use cryptocurrencies to serve their illicit
activities.
4. It is necessary to set out national acts and legislation to regulate the trade and use of digital/virtual/
cryptocurrencies; it is also imperative to harmonize and cooperate on cryptocurrency-related
legislation at the international level in order to protect the cryptocurrency dealers.
5. It is necessary to elevate the comparative advantages of using crypto/ digital currencies towards
ensuring more secure and safe transactions through revealing the identities of cryptocurrency
dealers/traders.
References:
• Challenges of keeping with the legal regulation of the technological advancements
in the financial and banking sector: Bitcoin (cryptocurrencies). Journal of Kuwait
International Law School (KILAW). Research of the Fifth Annual International
Conference May 9-10, 2018. Issue. (3), Part 1.
• Cryptocurrencies Working Paper “Bitcoins”. The State Audit Bureau (SAB). March
2018. Kuwait.
• Central Bank of Kuwait: High-risk cryptocurrencies with extremely volatile value; a
Panel discussion at the College of Business Administration. Kuwait University. March
29, 2018.
• Definition of digital currencies and the history of crypto and virtual currencies. Website:
• “Cryptocurrencies: their different types and features, and how they work”. Website:
• Website:
Research
