Kuwait has today placed an "absolute" ban on Crypto, including Investing, Trading, Mining, or even accepting it as an option of payment

The CMA (Capital Markets Authority) placed an "absolute" ban on mining, trading, offering crypto as an option of payment, paying with it, and Trading among many other things.

They also prohibited the "Recognition of crypto as decentralized currency":

Which doesn't even make sense.

The purpose of all of this is so that they can come into compliance with FATF (Financial Action Task Force)'s rules for Crypto, but FATF has said that they never have suggested placing an absolute ban on it.

Under their rules countries must try to fight money laundering caused by crypto, and also adhere to FATF's travel rule, in which crypto firms have to collect and share data of the transactions above a certain mark.

Seems as if they just chose the easy way out and thought that banning it would be easier than having to regulate it and as such, which obviously doesn't make sense to me.

China has done the same and later on changed their stances on Crypto, so we'll see if the same thing happens here as well.