How to Buy Crypto and Bitcoin in Kuwait

Kuwait’s Ministry of Finance does not recognize cryptocurrencies as a legal tender. Similarly, the Central Bank of Kuwait (CBK) has imposed a complete ban on cryptocurrency trading for banks and their subsidiaries. This includes prohibiting the use of cryptocurrencies in electronic payments and acting as an intermediary in cryptocurrency transactions.

However, Kuwait has not banned its citizens from purchasing, selling, trading, and mining cryptocurrencies. Moreover, this country is considered among the best places for mining due to its extremely low electricity costs. 

This means that enthusiasts from Kuwait can legally buy and sell crypto through centralized exchanges. Therefore, in this guide, we explore how to buy crypto and Bitcoin in Kuwait through one of the most popular crypto platforms, CEX.IO. 

How to Register with CEX.IO?

Creating an account with CEX.IO is a straightforward process. The registration procedure takes under one minute and requires only a few simple steps: 

1. Visit the CEX.IO website. 
2. Click on Register.
3. Provide your email address.
4. Create a strong password.
5. Agree to the terms and conditions.
6. Verify your email address. 

To comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards, individuals residing in Kuwait will need to undergo additional verification procedures upon registration. Verifying an account provides access to a wide range of platform services and enables increased withdrawal amounts.

Identity verification takes under five minutes and includes providing the following details: 

• Entering country of residence
• Typing in personal information (first name, last name, date of birth)
• Submitting proof of identity document (ID or a passport)

Upon submitting the required documents, participants from Kuwait receive a free Bitcoin wallet. This allows them to seamlessly buy, sell, trade, swap, and exchange crypto on CEX.IO. 

A Step-by-Step Guide: How to Buy Crypto in Kuwait

Verified customers from Kuwait can acquire crypto in different ways. Eligible participants with at least basic crypto background can obtain digital assets through Spot Trading. This allows them to utilize their knowledge to purchase cryptocurrency at potentially more favorable conditions. 

On the other hand, those looking to avoid trading complexities can obtain digital assets through Instant Buy. This functionality allows users to link their crypto wallet with a preferred payment method and purchase cryptocurrency at the current market price. Those interested in observing the current market performance can visit our prices page for more details. 

When it comes to buying Bitcoin and other digital assets on CEX.IO, curious participants can follow the outlined steps: 

1. Log in using your credentials. 
2. Navigate to Instant Buy. 
3. Select the fiat currency you want to use for acquiring crypto (USD, EUR, or GBP). 
4. Choose your preferred cryptocurrency from the list of vetted assets. 
5. Specify the amount you’re willing to spend obtaining crypto or choose from predefined allotments. 
6. Choose your preferred funding method. 
7. Complete the transaction following the on-screen instructions. 

How to Buy Crypto with Mobile App

Mobile users can purchase crypto through our dedicated iOS or Android mobile app. Beyond buying and selling, this application acts as a crypto payment app, allowing eligible participants from Kuwait to spend their holdings for in-store and online purchases. 

Here’s how to buy crypto with the CEX.IO mobile app: 

1. Download and install the CEX.IO App from the iOS or Android mobile store. 
2. Log in using your credentials. 
3. Navigate to the Wallet section and select the Buy function. 
4. From there, choose your preferred crypto from the dropdown list of supported assets. 
5. Specify the amount of fiat you intend to spend to obtain Bitcoin or any other vetted cryptocurrency. 
6. Make sure all details are correct before proceeding. 
7. Follow the in-app instructions to complete the transaction. 

Disclaimer: Due to regulatory restrictions, certain payment methods may be unavailable for Kuwait-based users. We encourage customers to conduct through due diligence before purchasing on CEX.IO. 

How to Exchange Crypto in Kuwait

Beyond buying and selling, eligible participants from Kuwait can swap crypto on our beginner-friendly CEDEX platform. This allows enthusiasts to expand their crypto portfolio effortlessly and with zero gas fees. 

Alternatively, eligible users can trade acquired digital assets against other crypto and fiat currencies through Spot Trading. Customers can explore the available trading pairs by hovering the asset ticker in the top left corner. 

Legal Framework and Regulations in Kuwait

Kuwait has adopted a strict stance on cryptocurrencies. The Central Bank of Kuwait (CBK) has explicitly banned banks and financial institutions from dealing with cryptocurrencies in any form. 

This includes accepting crypto payments, trading, or facilitating cryptocurrency transactions. 

While the government has taken a strict approach to cryptocurrencies, it is exploring the potential of a government-backed digital currency. This digital currency would be different from cryptocurrencies and would be regulated by the CBK.

In essence, cryptocurrency activities are prohibited in Kuwait, but individuals can engage in such activities at regulated and licensed exchanges like CEX.IO.

FAQs

Is it legal to buy cryptocurrency in Kuwait?

Individuals from Kuwait can buy, sell, and trade cryptocurrencies on regulated exchanges. 

Is Kuwait a crypto friendly country?

Since the government has taken a strict stance against cryptocurrencies, imposing a complete ban on all cryptocurrency-related activities, Kuwait cannot be considered a crypto-friendly country. Although the Central Bank of Kuwait (CBK) has expressed interest in developing its own digital currency, this does not equate to a crypto-friendly environment. A central bank digital currency (CBDC) is a completely different concept as it is issued and regulated by the government. 

Does Kuwait pay tax on crypto?

There’s no tax on cryptocurrencies in Kuwait because they are not recognized as a legal form of currency.