Saudi Arabian regulators have issued a statement that clarifies their position on cryptocurrency trading, emphasizing that any such activity is strictly outlawed inside the Kingdom of Saudi Arabia.
In the statement, which was issued by the Standing Committee For Awareness On Dealing In Unauthorized Securities Activities In The Foreign Exchange Market, regulators emphasize that it is illegal to hold, trade or use cryptocurrencies, including Bitcoin.
The committee assured that virtual currency including, for example but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices. 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.
The news comes roughly 8 months after it was first revealed that Saudi regulators were working on the country’s Bitcoin policy. However, at that time, top regulators were confident that a ban on cryptocurrency was “unlikely.”
While it isn’t clear what led to the drastic change in the regulators’ outlook on the young industry, the language in recent statements suggests the massive bear market through 2018 could have been the deciding factor.
More: Saudi Arabian Statement
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.