Cryptos illegal and risky says Saudi Arabia Central Bank

Middle East Saudi Arabia

According to a statement released by Saudi Arabia central bank’s standing committee, there currently are no licensed entities or individuals who deal with cryptocurrencies in the country.

The central bank warned against investments in any digital assets out of government’s control, labelling them as “get-rich schemes” and deeming them very risky.

“The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown recipients/entities/parties,” the statement reads.

About the author

Mark Knowles

Mark Knowles

Coinlaw Multi-Jurisdiction Blockchain News
Mark Knowles is the Executive Editor of coinlaw.io
With more than a decade of experience as a journalist and editor, Mark has now turned his focus to the blockchain and cryptocurrency revolution that is currently reshaping the global economy. As Executive Editor at Coinlaw Mark is working to create a website that is a hub for the international crypto community to find the latest legal news, legislative changes and expert opinion from across the industry. Contact him at [email protected] or through mobile on +66 (0) 98 705 2716.

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