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KUWAIT CITY, Aug 10: Nearly two years after the initial draft for financial technology regulation was introduced, Kuwait has officially launched securities-based crowdfunding platforms, a new commercial activity. This move, announced by Minister of Commerce and Industry Omar Al-Omar, to diversify financing options for small projects through licensed digital platforms, thereby supporting entrepreneurs and enhancing the country’s digital infrastructure.
Dr. Ahmed Al-Mulhim, Chief Commissioner of the Capital Markets Authority, emphasized that this development represents a significant step in advancing Kuwait’s financial markets, ensuring competitiveness, fairness, and transparency. He added is confident that this step will contribute to achieving the aspirations of the private sector and developing the digital infrastructure, stressing “the government’s commitment to providing the necessary support and facilities to enhance competitiveness in the business market.
This activity is defined as “financing projects by collecting money from a large number of people through licensed digital platforms (applications). For his part, the Chief Commissioner of the Capital Markets Authority, Dr. Ahmed Al-Mulhim, stressed that adding the activity of the securities-based crowdfunding platform represents a qualitative step in the path of developing the local financial markets and its commitment to supporting modern trends in the field of financing and .expanding the options available to investors of various categories.
Dr. Al-Mulhim pointed out that the Authority issued the executive regulations entitled “Financial Technologies” and this decision is complementary to what it stipulated, as it was developed in accordance with the best international practices. He added that the Authority has established the necessary regulatory and supervisory frameworks and has received many requests from the department created under the name of the Financial Technologies Department in the Authority’s organizational structure to ensure the activation of the regulation in accordance with standards of fairness, competitiveness and transparency
By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff
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