Saudi Arabian Regulators Reiterate Ban on Cryptocurrency Trading

August 14, 2018

 

A joint committee of Saudi Arabia’s regulatory bodies has issued a statement on cryptocurrency trading. The move hopes to protect local investors from the “high risks” associated with digital asset markets. The news broke via a statement posted to the Saudi Arabian Monetary Authority’s website yesterday. It claims that virtual currencies posed “high risks on traders,” as well as other unmentioned “negative consequences.”According to the statement, the lack of “government supervision” is behind the threats posed to those involved in trading currencies such as Bitcoin and Ether.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.The speculative nature of cryptocurrency investments was also touched upon by the committee’s post:“The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown recipients/entities/parties.”

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