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Thu 16 Aug 2018 01:56 PM

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Dubai crypto firm says working with GCC regulators to overcome Saudi ban

BitOasis CEO responds to announcement by Saudi regulator that digital asset trading remains illegal in kingdom

Dubai crypto firm says working with GCC regulators to overcome Saudi ban

BitOasis, the Dubai-based cryptocurrency exchange, has said it is working with regulators across its key markets across the GCC to develop regulatory frameworks in light of Saudi Arabia's ban.

BitOasis, the largest digital asset exchange in the Middle East and North Africa region, acknowledged the need for regulation in the young industry.

Commenting on recent announcements on the illegality of digital asset trading in Saudi Arabia, Ola Doudin, CEO of BitOasis, said: “Digital assets and blockchain technology are a reality and are here to stay. They are the future of money. This fast growing industry is at its early stage and regulations are currently being discussed and developed in every part of the world, including this region.

“Regulations are absolutely fundamental. They are essential to grow and formalise the industry, while minimising risks on customers. This is why, as a pioneer in the industry, we are working closely with regulators in a number of our key markets across the GCC to develop and comply with the necessary regulatory framework.

“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.”

Earlier this week, a special standing committee in Saudi Arabia issued a statement reaffirming the illegality of Bitcoin and other cryptocurrencies in the kingdom.

The standing committee, which is headed by the Capital Market Authority, said that claims by some websites that they are "authorised" in the kingdom are incorrect and that “no parties or individuals are licensed for such practices”.

The cryptocurrency space has struggled this year, as the industry grapples with increased regulatory scrutiny around the world as well as security concerns, with hacks a persistent problem for exchanges.

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