Saudi Arabia Officials: Cryptocurrency Trading Illegal

State officials in Saudi Arabia issued a warning against trade and investment in cryptokuria. To reduce the marketing exposure to the official committee, there is also a discount to inform the relevant agencies of any activity.

No business no investment
After a series of websites and social media accounts promoting cryptokurity like Bitcoin and atherium in Saudi Arabia, a special committee issued a statement to remind the citizens that trade in cryptocarinies is illegal.

The statement, which was released on August 12, states:

"The committee assured that for example virtual currency, but not limited, is illegal in the Bitcoin Empire, and no parties or individuals are licensed for such practices. The committee will notify all citizens and residents of this kind of confusion and prosperity After the scheme flows that due to high regulatory, security and market risks, signing bogus contracts and unknown recipients / entities Do not mention funds transfer / parties. "

The statement also warned citizens about investing in cryptocurrency:

"The Standing Committee warns against trading in digital currencies or is known as virtual currency in terms of their negative consequences and high risk on merchants because they are out of government supervision."

The official statement did not outline the consequences of parties involved in crypto trade.

In the Standing Committee for the awareness on transactions in the activities of unauthorized securities in a foreign currency market, many of the country's surveillance-capital market authorities (CMAs), the Ministry of Internal Membership, the Ministry of Media, the Ministry of Commerce and Investment are included. And, the real bank bank of the country Saudi Arabia Monetary Authority

In addition to its mandate, the committee will work with the relevant agencies to reduce any crypto business risks to the public.

Crypto in the Middle East
Although business cryptokurus are illegal in Saudi Arabia, other cryptokurians have received traction in the Middle East. At the beginning of this year, for example, Shariah compliance certification was obtained to integrate Stellar with Middle Eastern financial firms.

As previously reported by crystals, Sharia certification spreads to Staler's original cryptocurrency, applications and usage cases for lumen (XLM). By using lumen, users in the Middle East will have access to more affordable payment dispatch channels while sending money to the borders. Although it is very good for the citizens of other Middle Eastern countries, but it does not seem that Saudi Arabia will still be able to take advantage of the benefits of the integration of stellar.

Disclaimer: Our writers' opinions are completely self-contained and do not reflect cryptosytic opinion. Any information you read on crypto slots should not be taken as an investment advice, nor crystalsette supports any project that can be mentioned or linked to in this article. Buying and trading cryptoscines should be considered high risk activity. Please take care of your own before taking any action related to the material in this article. After all, crypto slate should not take any responsibility that you lose currency trading cryptokururi.