Canada's diplomatic talks with Saudi Arabia ongoing, but no resolution yet

Saudi Arabia: Bitcoin Trading is ‘Illegal in the Kingdom’

The news broke via a statement posted to the Saudi Arabian Monetary Authority's website yesterday.

It is noteworthy, that the standing committee which was formed by the supreme decree headed by Capital Market Authority (CMA), Ministry of Ministry of Interior membership, Ministry of Media, Ministry of Commerce and Investment and Saudi Arabian Monetary Authority (SAMA).

The standing committee formed by the government officials in Saudi Arabia has warned that the unauthorized virtual currencies are illegal inside the kingdom of Saudi Arabia due to their negative consequences and high risks on traders as they are out of government supervision. The committee indicated that apart from cryptocurrencies, they are also targeting unregulated forex trading in the country. This is according to a statement issued on August 12 by a standing committee comprised of regulators from various government institutions.

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The warning specifically mentions that bitcoin, along with other types of virtual currencies, are illegal in the kingdom. It has not outlined any penalties or fines for those caught using bitcoin but just warned Saudi Arabian citizens of participating in cryptocurrency trading, as well as signing contracts and transferring funds to unknown parties.

As well as its mandate over unauthorized securities, the committee also has the remit of notifying the relevant agencies of any virtual currency activities in order to reduce their exposure to the public. BitOasis and peer-to-peer cryptocurrency exchange Paxful still lists the nation as one of those that can access its digital currency buying and selling services. The statement was made after several recent digital currency trading promotions started appearing in the Arab state. Last year, SAMA stated that the market was not yet mature enough to consider regulating.

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