Following the statement by Saudi Arabia declaring cryptocurrency illegal, the largest crypto exchange in the Middle East and North Africa is working with regulators across the region to develop crypto regulations. Bitoasis confirmed its platform is unaffected by the Saudi Arabian crypto stance.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
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 develop 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, described:
As a pioneer in the industry, we are working closely with regulators in a number of our key markets across the GCC to develop and comply with the necessary regulatory framework…Regulations are absolutely fundamental. They are essential to grow and formalise the industry, while minimising risks on customers.
Response to Statement by Saudi Arabia
On August 12, the Saudi Arabian “standing committee for awareness on dealing in unauthorized securities activities in the foreign exchange market” issued a statement warning that “unauthorized virtual currencies are illegal inside 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 statement reads:
The committee assured that virtual currency including, for example, but not limited to, bitcoins
