The state Committee consisting of representatives of the regulators in Saudi Arabia and other countries in the Middle East, issued a statement warning about the illegality of the trade cryptocurrencies. The reason for the ban members of the Committee referred to “the negative effects and high risks for traders.”

“The Committee claims that the virtual currency, including but not limited to, bitcoin, illegal in the Kingdom. No organization or citizen has no license to trade”, — reported in the statement of the Committee.

It is noteworthy that in the document there is no information about any penalties for traders who violate the ban.

Standing Committee on increasing awareness about the transactions in unregistered securities markets foreign exchange operations comprises representatives of the five regulators of the countries in the Middle East. In particular, the Committee included representatives of the local Agency cash handling and Management of capital markets.

It is reported that the new structure will not only oversee the securities market, but also to inform the relevant service about the facts of virtual currencies in order to prevent public access to these assets.

Note that in the beginning of the year, there was information about the plans of the Saudi authorities legally allow the circulation of cryptocurrency.

Source