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Lebanon This Week 528

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CMA prohibits usage of cryptocurrencies by financial institutions

The Capital Markets Authority (CMA) published in the Official Gazette Announcement 30 on February 12, 2018 about electronic money or cryptocurrencies. The CMA prohibited licensed financial institutions in Lebanon from issuing or marketing electronic money or cryptocurrencies, as well as from trading cryptocurrencies for their own account or on behalf of other parties. It attributed its decision to several risks related to the use of electronic money, specifically the usage of Bitcoin. First, it indicated that the platforms or networks where the issuance and trading of digital currencies take place are not governed by any laws or regulations. It added that such platforms lack legal frameworks that guarantee cashing back the money that was initially used to buy the cryptocurrency. Second, it noted that digital currencies are not issued nor guaranteed by any central bank, which exposes them to high volatility in prices that can drop to zero. Third, it pointed out that digital currencies can be easily used for criminal activity, such as money laundering and the financing of terrorism. Fourth, it said that incorrect or unauthorized operations that occur from dealing with cryptocurrencies cannot be reversed. Consequently, the CMA cautioned the public from purchasing, owning or using such currencies.
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Byblos Bank S.A.L., Byblos Bank Headquarters, Elias Sarkis Ave., Ashrafieh, Beirut

List of Banks No.39, CRB:14150, BDL Authorization No. 11/231 Dated 14 May 2005

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