Saturday, 20 July, 2019

Crypto Watchdog Says Bitcoin Trading is Illegal in Saudi Arabia

Saudi Arabia: Bitcoin Trading is ‘Illegal in the Kingdom’ Cryptocurrency Trading is Illegal in Saudi Arabia
Deanna Wagner | 17 August, 2018, 00:00

The committee has also warned that cryptocurrency activities being promoted are outside the scope of the government.

In May, featured an article entitled "Saudi Arabia Continue To Be The No.1 Country Championing Cryptocurrency". This was traced to an issue with its banking partner in the country.

In an official statement issued today by the Saudi Arabian Monetary Authority (SAMA, headquarters pictured above), it seems that on Sunday the Saudi central bank sat down with a governmental committee and decided that they were against the trading of cryptocurrencies.

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.

Without indicating any penalties or fines for cryptocurrency trading, the committee insisted on warning "all citizens and residents" against what is deemed an "illegal" activity. It's not under control.

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Formed by a supreme decree, the standing committee was devised as a watchdog to specifically look into "unauthorized securities activities in the foreign exchange market".

Saudi Arabia recently reiterated that cryptocurrency trading is still considered an illegal act the country.

The post goes on to state that "virtual currencies... are illegal in the kingdom", before offering a reminder that there are no groups, companies, or individuals exempt from such a ban by way of licensing. Besides SAMA, the committee has the country's Ministries of the Interior, Commerce, Media, and Investment as members, along with the Capital Market Authority (CMA).

Curiously, the SAMA is working on its own custom cryptocurrency for blockchain-powered cross-border transactions with the UAE's central bank.