After Saudi Arabia declared Bitcoin illegal in the country, Bitoasis, the largest exchange in the Middle East and North Africa, worked with regional regulators to develop a regulatory framework for cryptocurrencies. In addition, Bitoasis confirmed that its platform has not been affected by Saudi Arabia's stance on cryptocurrencies.
Arab Economic Weekly reported on Thursday that Dubai-based exchange Bitoasis revealed that in light of the recent cryptocurrency ban in Saudi Arabia, the exchange is working with regulators of the Gulf Cooperation Council (GCC) to "develop a regulatory framework." According to the official website of the exchange, the exchange currently covers the UAE, Kuwait, Bahrain, Oman and Saudi Arabia.
The Gulf Cooperation Council (GCC) is an international government organization and trade group composed of all Arab countries in the Persian Gulf except Iran. Member states include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Bitoasis CEO Ola Doudin said: As a pioneer in the industry, we are working closely with the regulators of the GCC member states to jointly develop and comply with the necessary regulatory framework... Obviously, regulation is necessary. To achieve industry development and formalization, while minimizing customer risks, these are indispensable.
Responding to Saudi Arabia's statementOn August 12, Saudi Arabia’s “Standing Committee for Dealing with Unauthorized Activities in the Foreign Exchange Market†issued a warning statement, “Unauthorized virtual currency is illegal in Saudi Arabia.†The committee is governed by the Capital Market Administration and the Internal Affairs. Leaders of the Ministry of Finance, the Ministry of Information, the Ministry of Commerce and Investment, and the Saudi Arabian Monetary Authority. The statement stated:
The committee is convinced that virtual currencies (including but not limited to Bitcoin) are illegal in the Kingdom. No political party or individual has been authorized for virtual currency related activities.
Bitoasis referred to the statement issued by the Saudi Arabian authorities, and commented that, "Saudi Arabia recently issued a statement opposing digital asset trading, highlighting the need to establish a comprehensive regulatory framework at the national level to build confidence."
The CEO pointed out that digital cryptocurrency and blockchain technology are the "currency of the future", and said that "this fast-growing industry is still in its infancy, and regulators all over the world (including this region) are still discussing and formulating regulations. Policy." She said:
As a whole, our region is progressive and can quickly adapt to new technologies that can create a more efficient, more competitive and smarter economy. The regulatory framework will confirm that digital assets have become a reality in today's world.
Bitoasi also confirmed that its platform currently "normally provides users in the Middle East with secure cryptocurrency transaction services."
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