Regulators of Saudi Arabia recalled the illegality of cryptocurrency trading

Regulators of Saudi Arabia recalled the illegality of cryptocurrency trading


The government committee, formed by the regulators of Saudi Arabia, issued a statement in which he recalled the illegality of cryptocurrency trading on the territory of the state. About this reports Coindesk.

According to a statement published on Sunday, the Standing Committee considers the trading of cryptocurrencies unacceptable because of “negative consequences and high risks for traders, since they carry out their activities outside state supervision”.

“The committee claims that virtual currencies, including bitcoin, but not limited to it, are illegal in the territory of the kingdom. No person has a license to work with them,” regulators write.

The statement does not say what consequences may await those who will be caught in the trade in digital assets.

The Standing Committee on raising awareness of transactions with unregistered securities in the markets for conversion operations was formed by the five regulators of the largest state in the Arabian Peninsula, including the Capital Market Authority and the Currency Board of Saudi Arabia, in fact performing the functions of the central bank of the country.

In addition to controlling the circulation of securities, the department’s task is to inform the relevant structures about any activities related to cryptocurrencies in order to restrict public access to such instruments.

In December last year, the Saudi Prince Al-Walid ibn Talal criticized the cryptocurrencies, suggesting that “one day, bitcoin might just turn out.” He also compared the largest cryptocurrency with the US energy company Enron, which collapsed in the early 2000s amid a major accounting fraud.

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