Saudi Arabia Drafting Crypto Activity Permit Bill

February 2, 2018

Saudi Arabian Capital Markets Authority won’t be hampering crypto industry development in the country and plans permitting digital currency turnover by introducing corresponding bill within the shortest time.

“Not unlike most other markets, the regulators in Saudi have been following developments with cryptocurrencies with great interest. We are still evaluating what our appropriate regulatory response should be. I think we are likely to come up with something very soon”, Mohammed ElKuwaiz, the chairman of Capital Markets Authority, noted.

He also rejected the possibility of imposing ban on digital currencies and operations involving them.

Let us recall that last December Saudi Arabian Central Bank launched a trial program on studying cryptocurrency capabilities for improving cross-border payment procedures.

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