Saudi Arabian regulators have issued a statement that clarifies their position on cryptocurrency trading, emphasizing that any such activity is strictly outlawed inside the Kingdom of Saudi Arabia.
In the statement, which was issued by the Standing Committee For Awareness On Dealing In Unauthorized Securities Activities In The Foreign Exchange Market, regulators emphasize that it is illegal to hold, trade or use cryptocurrencies, including Bitcoin.
While it isn’t clear what led to the drastic change in the regulators’ outlook on the young industry, the language in recent statements suggests the massive bear market through 2018 could have been the deciding factor.
