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Bitoasis Working With Regulators to Develop Legal Frameworks in Saudi Arabia

Following the declaration by Saudi Arabia declaring cryptocurrency illegal, the biggest crypto exchange in the Middle East and North Africa is working with regulators over the region to build up crypto regulations. Bitoasis confirmed its platform is unaffected by the Saudi Arabian crypto stance.

Bitoasis Working With Regulators

Dubai-based cryptocurrency exchange Bitoasis has revealed that it is working with the regulators from the Gulf Cooperation Council (GCC) “to build up regulatory frameworks in light of Saudi Arabia’s ban,” Arabian Business reported on Thursday. According to its website, the exchange is currently present in UAE, Kuwait, Bahrain, Oman and Saudi Arabia.

The GCC is a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The CEO of Bitoasis, Ola Doudin, explained: As a pioneer in the market, we will work closely with regulators in a number of our key markets over the GCC to build up and comply with the required regulatory framework…Regulations are definitely fundamental. They are essential to develop and formalise the market, while minimising risks on customers.

Response to Statement by Saudi Arabia

On August 12, the Saudi Arabian “standing committee for awareness on working in unauthorized securities activities in the foreign exchange market” issued a declaration warning that “unauthorized digital currencies are illegal in the kingdom of Saudi Arabia.” This committee is headed by the country’s Capital Market Authority, Ministry of Interior, Ministry of Media, Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority.

The declaration reads: The committee guaranteed that digital currency including, for example, but not limited to, bitcoins are illegal in the kingdom and no parties or individuals are certified for such practices. Referring to the declaration by Saudi Arabian authorities, Bitoasis commented, “the latest adverse announcement on digital asset trading in Saudi Arabia highlights the need for a clear and comprehensive regulatory framework to build confidence at the best level.”

Citing that cryptocurrencies and blockchain technology “will be the future of money,” the exchange’s CEO was quoted explaining, “this fast-growing industry is at its early stage and regulations are currently being discussed and developed in every part of the world, including this region.” Regulatory frameworks will affirm digital assets’ status as a reality in today’s world. She elaborated: As a whole, our region is progressive and quick to adapt to new technologies that can create better, competitive, and smarter economies. Bitoasis also verified that its “platform continues to be available to customers to securely and safely trade digital assets over the Middle East.”

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