Saudi Regulators Warn Against Trading Cryptocurrencies, Citing ‘High Market Risks’

A governmental committee in Saudi Arabia has issued a warning to the public regarding the illegality of trading digital currencies in the country. This announcement was made on August 12 by the Saudi Arabian Monetary Authority (SAMA). The warning comes from the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities within the Foreign Exchange Markets.

This standing committee was formed by a supreme decree and is led by the Capital Market Authority (CMA). It includes representatives from various ministries, such as the Ministry of Media, the Ministry of Commerce and Investment, SAMA, and the Ministry of Interior.