Following the statement by Saudi Arabia declaring cryptocurrency illegal, the largest crypto exchange in the Middle East and North Africa is working with regulators across the region to develop crypto regulations. Bitoasis confirmed its platform is unaffected by the Saudi Arabian crypto stance.
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Bitoasis Working With Regulators
The CEO of Bitoasis, Ola Doudin, described:
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…Regulations are absolutely fundamental. They are essential to grow and formalise the industry, while minimising risks on customers.
Response to Statement by Saudi Arabia
The statement reads:
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.
Citing that cryptocurrencies and blockchain technology “are the future of money,” the exchange’s CEO was quoted explaining, “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.” She elaborated:
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 also confirmed that its “platform is still open to customers to safely and securely trade digital assets across the Middle East.”
What do you think of Bitoasis helping to develop crypto regulatory frameworks for the Arab states? Let us know in the comments section below.
Images courtesy of Shutterstock and Bitoasis.
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