Earlier this week, the Saudi Arabian Monetary Authority (SAMA) reconfirmed the ban on cryptocurrencies inside the kingdom. It’s just one of the many countries where trading cryptos is illegal, countries like Bolivia, China, Bangladesh, and Cambodia, to name a few.In their news release titled: The standing committee for awareness on dealing in unauthorized securities activities in the foreign exchange market (Forex) warns: “The unauthorized virtual currencies are illegal inside the kingdom of Saudi Arabia,” SAMA shared this important message:
“The standing committee warns against trading in the digital currencies or what is known as virtual currency for their negative consequences and high risks on traders as they are out of government supervision. 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.”
But Ola Doudin, the CEO of BitOasis, says they are trying to do something about the SAMA’s crypto ban.
Ola Doudin has been cooperating with Gulf Cooperation Council (GCC) regulators to develop a regulatory framework around cryptocurrencies, reports Arabian Business, so that hopefully, in the future the ban will be lifted. Notably, BitOasis is the first and largest crypto exchange in the Middle East and North Africa, and it recently announced its launch of Bitcoin Cash (BCH) trading, giving the public the ability to sell and trade BCH on its platform.
It’s obvious that getting the ban lifted is in the exchange’s best interest but the ban points to something much bigger than just the limits on freedom it places on Saudi Arabians. If governments are going to outright ban cryptocurrencies, like Bitcoin, for the simple fact they lack regulations, then it is dire they make creating a regulatory framework their top priority.