Wednesday, June 19, 2024
News FlashSaudi finance ministry warns against cryptocurrencies

Saudi finance ministry warns against cryptocurrencies

The Saudi Arabian Ministry of Finance (MOF) has issued a warning against dealing or investing in virtual currencies as they are not recognized by legal entities in the Kingdom. The Kingdom does not have any regulatory framework covering digital currencies.

“Virtual currencies have appeared claiming their relationship to financing of projects, activities or investment in the Kingdom of Saudi Arabia (KSA) and using the name of the national currency of KSA (Saudi Riyal), or KSA’s emblem (two crossed swords with a palm tree) for misleading marketing of its activities such as (Crypto Riyal) or other virtual currencies. MOF warns that any use of the KSA name, national currency, or emblem by any entity for virtual or digital currencies marketing will be subject to legal actions by the competent authorities in the Kingdom,” the MOF said.


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