According to Arabian Business, Dubai-based cryptocurrency exchange Bitoasis said it is working with Gulf Cooperation Council (GCC) regulators to “create a regulatory framework in light of the Saudi Arabian government's ban on digital currencies.” The exchanger's website states that its services are currently available in the UAE, Kuwait, Bahrain, Oman and Saudi Arabia.
The GCC is a regional closed political and economic international organization, which includes all the countries of the Persian Gulf, with the exception of Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Ola Dudin, CEO of Bitoasis, said: “We are working closely with regulators to establish and implement the necessary regulatory frameworks in key GCC markets. Regulations are necessary for the growth and formation of a new industry, as well as to protect customers.".
12 August Saudi Arabia's "Unauthorized Foreign Exchange Asset Transactions Awareness Committee" issued a statement warning that "unauthorized virtual currencies are illegal in the Kingdom of Saudi Arabia." This committee is made up of members of the Capital Markets Authority, the Ministry of Interior, the Ministry of Media, the Ministry of Trade and Investment and the Saudi Arabian Monetary Authority.
The statement read: “The committee cautions that virtual currencies such as Bitcoin are illegal in the kingdom and no party can be licensed for such practices.”
Bitoasis representatives commented on the committee statement: “Recent unfavorable announcement regarding digital asset trading in Saudi Arabia only underscores the need for a clear and comprehensive regulatory framework of the highest standard.”
According to news.bitcoin.com
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