Saudi Arabia warns against dealing in virtual currencies

Riyadh 20-08-2019
Saudi Arabia has warned against dealing or investing in virtual currencies, including cryptocurrencies, as they are outside the scope of the regulatory umbrella and are not traded by authorized persons in the Kingdom.
The Ministry of Finance, in a statement broadcast by the Saudi Press Agency today, that virtual currencies are not considered currencies or assets within the Kingdom, pointing to the fraud and suspicion of many of its dealings in illegal financial transactions and prohibited system, and high investment risks associated with high volatility In their prices.
The ministry pointed out the emergence of virtual currencies claiming its relationship to the financing of projects, activities or investment in the Kingdom, and uses the name of the national currency of the Kingdom / Saudi riyal /, or the slogan of the Kingdom / crosses two swords, and Palm / to misleading marketing of its activities such as / Crypto Real / or other virtual currencies The Kingdom denies any link to such currencies.
The Ministry explained that any use of the name of the national currency or the name or logo of the Kingdom by any marketer of virtual or digital currencies will be subject to legal procedures by the competent authorities in the Kingdom.