The Capital Markets Authority of Saudi Arabia (CMA) will soon prepare a draft law on the regulation of the cryptocurrency. As CMA chairman Mohammed Elkuyvats said in an interview with Business Insider, the prohibition of turnover of cryptocurrency is not included in the agency’s plans.
Earlier, the Central Bank of Saudi Arabia noted that it is too early to introduce the regulation, because “the market it not mature enough yet,” and it is possible to assess the impact of the cryptocurrency on the financial market not earlier than in 5 years.
“As in other countries, regulators in Saudi Arabia are watching with interest the development of the cryptocurrency market. While we are trying to understand how it is better to regulate this sphere, “said Elkuvaits.