Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Saudi Arabia Warns Its Citizens To Stay Away From Crypto

Saudi Arabia Warns Its Citizens To Stay Away From Crypto

Kelly Cromley by Kelly Cromley
Aug 14, 2018
in News
Reading Time: 2 mins read
0

Saudi Arabia may be a blockchain friendly country. However, just like China, it does not permit trading in cryptocurrencies. This stance was once again confirmed by a government Committee composed of the Kingdom’s regulators.

Per a statement issued on Sunday, the Standing Committee asked its citizens not to venture into cryptocurrency trading due to “negative consequences and high risks on traders as they are out of government supervision.”

The Committee further stated

“The committee assured that virtual currency including, for example but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices.”

The statement, however, did not clarify as to what sort of punishment an individual may be subject to, if found trading cryptocurrencies.

Five of the Middle Eastern country’s watchdogs joined together to form The Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market. Some of the notable organizations involved in the formation of the Standing Committee include Capital Market Authority (CMA) and the Saudi Arabian Monetary Authority (SAMA), the country’s de facto central bank.

The Standing Committee has mandate to act on unauthorized securities. Additionally, it can notify appropriate agencies of any cryptocurrency activities, with a motive of keeping them away from public exposure.

In December 2017 Saudi Prince Al-Waleed bin Talal said Bitcoin is “just going to implode one day.”

The prince also compared Bitcoin to the energy company Enron, which fell off the cliff following the discovery of colossal accounting fraud.

Previous Post

Japan’s GMO Internet Reports 7x Rise In Crypto Exchange Profit

Next Post

China’s IT Ministry Proposes Blockchain Focused Lab

Related Posts

d3serve-labs-blockchain-plan-for-domain-transfers

D3Serve Labs Proposes Blockchain Model for Domain Transfers

by Kelly Cromley
Jun 15, 2025
0

D3Serve Labs, operating independently from D3 Global Inc., has submitted a new patent application to the United States Patent and...

daiko’s-virtual-pet-blends-real-dog-care-with-gamified-tech

Daiko’s Virtual Pet Blends Real Dog Care with Gamified Tech

by Kelly Cromley
Jun 15, 2025
0

Daiko, an Ireland-based technology company, has revealed plans to introduce a blockchain-powered Virtual Pet game that aims to bridge the...

tass-hub-ziggy-zeigler-web3-partnership

TASS HUB and Ziggy Zeigler Team Up to Empower Web3 Creators

by Kelly Cromley
Jun 14, 2025
0

TASS HUB, a decentralized Web3 content marketplace built on the Solana blockchain, has announced an exclusive long-term collaboration with Ziggy...

peaq-partners-abu-dhabi-dubai-for-machine-defi

peaq Joins Forces with Abu Dhabi and Dubai to Pioneer “Machine DeFi”

by Kelly Cromley
Jun 14, 2025
0

Abu Dhabi and Dubai have revealed an ambitious plan to establish what is being described as the world’s first fully...

altlayer-t-rex-web3-partnership

AltLayer and T-Rex Unite to Simplify Web3 Access for Billions

by Kelly Cromley
Jun 14, 2025
0

AltLayer, a leading provider in the Rollup-as-a-Service domain, has disclosed its strategic collaboration with T-Rex, a distinctive blockchain platform known...

us-dhs-blockchain-for-criminal-investigation

US Department of Homeland Security Expands Blockchain Use in Criminal Investigations

by Kelly Cromley
Jun 14, 2025
0

The U.S. Department of Homeland Security (DHS) has signaled a significant expansion in its application of blockchain technology, particularly within...

Next Post
China’s IT Ministry Proposes Blockchain Focused Lab

China’s IT Ministry Proposes Blockchain Focused Lab

  • blackrock invests in colle web3

    COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

d3serve-labs-blockchain-plan-for-domain-transfers
Market News

D3Serve Labs Proposes Blockchain Model for Domain Transfers

by Kelly Cromley
Jun 15, 2025
daiko’s-virtual-pet-blends-real-dog-care-with-gamified-tech
Market News

Daiko’s Virtual Pet Blends Real Dog Care with Gamified Tech

by Kelly Cromley
Jun 15, 2025
tass-hub-ziggy-zeigler-web3-partnership
Market News

TASS HUB and Ziggy Zeigler Team Up to Empower Web3 Creators

by Kelly Cromley
Jun 14, 2025
peaq-partners-abu-dhabi-dubai-for-machine-defi
Market News

peaq Joins Forces with Abu Dhabi and Dubai to Pioneer “Machine DeFi”

by Kelly Cromley
Jun 14, 2025
altlayer-t-rex-web3-partnership
Market News

AltLayer and T-Rex Unite to Simplify Web3 Access for Billions

by Kelly Cromley
Jun 14, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blockchain
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple
  • Ripple News
  • Solana News
  • Tether News
  • XRP

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree