The Kingdom of Saudi Arabia offered a statement from the committee dealing with foreign exchange securities banning the use of virtual currencies in the kingdom as a currency.

In a turn of events around the neighboring countries, BitOasis a cryptocurrency exchange is working with regulators in Arab states to increase the overall participation in digital currencies. Saudi Arabia has remained tough on introduction of cryptocurrencies and other ‘unauthorized securities’ but the exchange remains hopeful to integrate the systems across the Middle East and North African countries with increased regulation in place.

This Monday, August 20, 2018, BitOasis, the largest cryptocurrency exchange in Middle East and North Africa, released a statement confirming its involvement in assisting the Gulf Cooperation Council (GCC) set up regulatory framework for virtual currencies in countries in the gulf. The GCC comprises of Arab Persian Gulf states [Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates] except Iraq. The call for regulations comes in light of the strong statements given out by Saudi Arabia banning the use of virtual currencies.

“As a whole, our region is progressive and quick to adapt to new technologies that can create more efficient, competitive, and smarter economies. Regulatory frameworks will affirm digital assets’ status as a reality in today’s world.” – BitOasis CEO, Ola Doudin.

Saudi Arabia offered a report from its special committee for awareness on dealing with unauthorized securities activities in the foreign exchange market rejecting the use of virtual currencies in the country as it goes against the governmental currency in use. The committee comprised of the Capital Markets Authority of Saudi Arabia (the head of the committee), Ministry of Interior, Ministry of Media, Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority.

In the statement from the special committee, a part read,

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

The continued reluctance of Saudi Arabia to accept cryptocurrency payment system is even more reason for BitOasis to help the countries in the Arabian Gulf to set up a regulatory framework to control these digital assets. The CEO of BitOasis, Ola Doudin, explained the need for virtual currencies to have a regulatory framework as the payment system looks to be here now and for the future.

The Dubai-based exchange is working closely with various regulatory bodies in the GCC region to develop, a progressive and efficient regulatory framework for virtual currencies. In a statement released to Bitcoin Exchange Guide team, Ola commented on the benefit of the whole GCC region [including Saudi Arabia] to join up to move towards the use of virtual currencies in the region. Having a working regulatory framework will see an increase in overall adoption of cryptocurrencies in the region as they progress to a smart economy.

The cryptocurrency exchange authority and influence across the Middle East and North African countries is unquestionable in digital assets. The company working with various regulatory bodies in Bahrain, UAE, Oman, Kuwait and Saudi Arabia, its main markets, will see an increase in acceptance of virtual currencies in the region. It will be necessary for the regulatory framework to be set up as the company focuses on turning Saudi Arabia harsh comments towards cryptocurrencies to adoption in the country.

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