SAUDI ARABIA

Ministry of Finance warns against dealings in virtual currencies

August 23, 2019



RIYADH — The Ministry of Finance (MOF) has warned against making transactions or investments in virtual currencies, including crypto currencies, as they are not recognized currencies or assets in the Kingdom.

“They are outside the regulatory framework and are not traded by financial institutions locally. Such crypto currencies have been associated with fraudulent activities and attract suspicion of use in illegal and illegitimate financial activities in addition to their high-investment risks related to frequent price fluctuations,” the ministry said in a statement.

“Virtual currencies have appeared claiming their relationship to financing of projects, activities or investment in the Kingdom and using the name of the national currency of KSA (Saudi riyal), or KSA’s emblem (two crossed swords with a palm tree) for misleading marketing of its activities such as (Crypto Riyal) or other virtual currencies.

The ministry also warned that any use of the Kingdom’s name, national currency, or emblem by any entity for marketing of virtual or digital currencies will be subject to legal actions by the competent authorities in the Kingdom. — SG/SPA


August 23, 2019
1315 views
HIGHLIGHTS
SAUDI ARABIA
3 hours ago

Mozn announces new AI-powered anti-fraud product

SAUDI ARABIA
13 hours ago

Saudi Football chief expects more big deals to follow Ronaldo’s signing with Al-Nassr

SAUDI ARABIA
13 hours ago

Crown Prince calls Erdogan to offer condolences and pledge support