Saudi Arabian Regulators Reiterate Ban on Cryptocurrency Trading

US House Committee grills SEC official of over'balanced approach to ICO regulation

The Standing Committee was created by supreme decree from relevant authorities, including the Capital Market Authority (CMA), Ministry of Ministry of Interior membership, Ministry of Media, Ministry of Commerce and Investment, and the Saudi Arabian Monetary Authority (SAMA), Its mandate covers unauthorized securities, as well as attempts to limit Saudi citizens' exposure to cryptocurrency risks.

The warning specifically mentions that bitcoin, along with other types of virtual currencies, are illegal in the kingdom.

A joint committee of Saudi Arabia's regulatory bodies has issued a statement on cryptocurrency trading.

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Accordingly, the committee has confirmed that bitcoin trading is illegal in the country of Saudi Arabia. The committee indicated that apart from cryptocurrencies, they are also targeting unregulated forex trading in the country.

The committee went on to warn citizens about the risks associated with investing in cryptocurrencies, not just from the volatility of the market but also from potential scams, the transfer of money to unknown recipients/entities/parties and the presence of fictitious contracts.

The standing committee confirmed that government parties relevant to investment in the financial sector provide all needed information about authorized parties that interested investors can refer to as they are under supervision by the controlling authorities. Arabian Business claims that many of these platforms have been offering services whilst claiming that they had been authorised by domestic authorities. BitOasis, which is the first bitcoin exchange in the Middle East and North Africa region, still lists Saudi Arabia as one of the regions where it operates. This reminder comes following the recent emergence of virtual currency trading promotions in the Arab nation. However, at that time, top regulators were confident that a ban on cryptocurrency was "unlikely".

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