Saudi “Cryptographic trading is illegal”

Saudi Arabia issued a statement on August 12 (local time) stipulating illegal cryptographic transactions.

Saudi Arabia’s Standing Committee warned of cryptographic transactions, explaining that cryptographic transactions can lead to negative consequences as government is out of jurisdiction and has high volatility and potential risks. As a result, the Standing Committee has ruled in Saudi Arabia that passwords, including bit coins, are illegal and do not allow transactions for all businesses and individuals. However, we did not mention the penalties for trading passwords.

The Standing Committee is composed of the Capital Markets Agency (CMA), the Ministry of Media and the Saudi Arabian Call Center (SAMA). The presentation of the Standing Committee can be found here .