Dubai's BitOasis to work with GCC regulators over Saudi crypto ban

Dubai-based BitOasis is working closely with regulators across the GCC to develop regulatory frameworks following Saudi Arabia's ban on the use of cryptocurrencies.

In a recent statement, BitOasis said that the recent adverse announcement on digital asset trading in Saudi Arabia highlights the necessity for a clear and comprehensive regulatory framework to build confidence at the highest level.

The cryptocurrency exchange firm said its users that the recent developments "will not impact its operations and its platform is still open to customers to safely and securely trade digital assets across the Middle East."

Earlier this month, Saudi Arabia's special governmental committee for awareness on dealing with unauthorized securities activities in the foreign exchange market (Forex) warned against trading in the digital currencies for their negative consequences and high risks on traders as they are out of government supervision.

The committee, which is headed by the Capital Market Authority and includes representatives of the Ministry of Interior, the Ministry of Information, the Ministry of Trade and Investment, and the Saudi Arabian Monetary Agency, said virtual currencies are "illegal in the Kingdom, and no parties or individuals are licensed for such practices."