1. Home
  2. News
  3. Market

Saudi Arabia Warns Citizens and Residents Against Trading Crypto

Saudi Arabia Warns Citizens and Residents Against Trading Crypto

A governmental commission on financial matters in Saudi Arabia has warned the public that trading digital currencies remains illegal in the kingdom.

The warning, issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Markets, was published on August 12 by the Saudi Arabian Monetary Authority (SAMA).

According to the statement, digital currencies are “out of supervision of the government” and “illegal in the kingdom,” noting that “no parties or individuals are licensed” for trading or dealing with cryptocurrency.

Calling digital currencies an “illusion” and a “get-rich scheme,” the committee notes “high regulatory, security, and market risks” associated with virtual currency trading, and urges the public against “signing of fictitious contracts and the transfer of funds to unknown recipients/entities/parties.”

Apart from a vague mention of “negative consequences,” the statement does not go into detail about the penalties for those found trading or dealing in cryptocurrencies.

The standing committee issuing the warning was established by the supreme decree of the Saudi King and is supervised by the Capital Market Authority (CMA), which also manages the Ministry of Media, Ministry of Commerce and Investment, SAMA, and the Ministry of the Interior, among others.

14 Aug 2018

Subscribe to our newsletter

Our newsletters are sent on a regular basis and are aiming to provide you most overall market situation

Latest news

Ripple Overtakes Ethereum To Become Second After Bitcoin

Ripple (XRP) has overtaken Ethereum...
22 Sep 2018

New Token Listings: VeChain and Gemini USD

New Token Listings: VeChain and Gem...
21 Sep 2018

New Release: Fortuna

Fortuna has launched a beta version...
21 Sep 2018

ICORating Is Media Partner For Crypto Economy World

Crypto Economy World is a series of...
21 Sep 2018

ICORating To Participate In Blockchain East Summit

The Blockchain East Summit and Trad...
20 Sep 2018

ICORating Announces Collaboration With Binance Info

ICORating and Binance Info are now ...
20 Sep 2018

New Token Listings: ChainLink and Waves Platform

Trading pairs of initial coin offer...
20 Sep 2018

New Releases: Remme And Tezos

Remme and Tezos have officially lau...
19 Sep 2018

Poloniex To Delist Assets On September 25

Poloniex crypto exchange is set to ...
19 Sep 2018