Wednesday, 23 October, 2019

Saudi Arabia makes trading Bitcoin illegal

Saudi Arabia makes trading Bitcoin illegal Saudi Arabia makes trading Bitcoin illegal
Patty Aguilar | 17 August, 2018, 00:01

A joint committee of Saudi Arabia's regulatory bodies has issued a statement on cryptocurrency trading. This reminder comes following the recent emergence of virtual currency trading promotions in the Arab nation.

It is one thing for a country's government to disagree with a concept or practice such as cryptocurrency trading and to publicly discourage citizens from partaking in such a practice, as in the case of the United Kingdom, but to deem it "illegal" changes the demographic completely, especially in a nation notorious for draconian and medieval forms of punishment such as Saudi Arabia, although at the time of writing, no official form of punishment had been announced. The country's Capital Markets Authority (CMA) and SAMA were also represented.

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The official statement posted on the Saudi Arabian Monetary Authority's website says: "The standing committee warns against trading in the digital currencies or what is known as virtual currency for their negative consequences and high risks on traders as they are out of government supervision". In addition to the volatility of the market, the committee is also warning citizens of potential scams, sending cash to unknown people as well as the prevalence of fictitious contracts. The committee indicated that apart from cryptocurrencies, they are also targeting unregulated forex trading in the country.

The regulators were under the aegis of "Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market". For clarity purposes, investors should refer to the relevant government's entity website for details of licensed entities. This new platform allows users to deposit and trade digital coins including Bitcoin, Ethereum, DubaiCoin, and several others.The platform offers free registration but charges discounted fees on deposits, withdrawals, and trading.

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