Saudi Ara­bia bans cryp­tocur­rency trad­ing

Banking Frontiers - - News Regulator -

Saudi Ara­bia’s fi­nan­cial watch­dog, the Stand­ing Com­mit­tee for aware­ness on deal­ing in unau­tho­rized se­cu­ri­ties, has said cryp­tocur­rency trad­ing is il­le­gal in the king­dom. The stand­ing com­mit­tee said it in a state­ment it is warn­ing ci­ti­zens and res­i­dents of the king­dom that it is against the law for ci­ti­zens and res­i­dents of the king­dom to en­gage in bit­coin trad­ing as well as trad­ing of dig­i­tal cur­ren­cies. It pointed to the volatile na­ture of the dig­i­tal as­sets, se­cu­rity risks and lack of ad­e­quate govern­ment reg­u­la­tion as rea­sons for the ban.

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