RATE Group | Cryptocurrency Trading is Illegal in Saudi Arabia
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Cryptocurrency Trading is Illegal in Saudi Arabia

13 Aug Cryptocurrency Trading is Illegal in Saudi Arabia

Posted at 12:19h in Cryptocurrency News by

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State officials in Saudi Arabia have reminded citizens that trading in cryptocurrency is illegal in the country. This reminder comes following the recent emergence of virtual currency trading promotions in the Arab nation.

No Cryptocurrency Trading License in Saudi Arabia

The Kingdom of Saudi Arabia recently reinforced its stance on the illegality of cryptocurrency trading in the country. In addition, the government created a standing committee headed by the Capital Market Authority to oversee the enforcement of the prohibition. Other members of the committee include representatives of the Ministry of Interior, the Ministry of Information, the Ministry of Trade and Investment, and the Saudi Arabian Monetary Agency (SAMA).

The standing committee debunked the claims made by some websites, saying:

The claims of these websites that they are authorized by official authorities in the kingdom are incorrect and that no parties or individuals are licensed for such practices.

The Risks Associated…

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