Bitcoin Legal In Saudi Arabia

Cryptocurrencies such as bitcoin are illegal in the country. Only saudi arabian monetary authority sama have warned from using it as it is high risk and recognized in saudi arabia and its dealers will not be guaranteed any protection or rights.

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The legal status of bitcoin and related crypto instruments varies substantially from state to state and is still undefined or changing in many of them.

Bitcoin legal in saudi arabia. Bitcoin is completely legal in the country but the suadi arabian monetary authority sama has warned its people that the asset is high risk and does not guarantee any protection for losses incurred. Bitcoin is not banned by any governmental party in saudi arabia. There is also a blanket banking ban on bitcoin so financial institutions cannot dabble in the industry at all in saudi arabia.

Whereas the majority of countries do not make the usage of bitcoin itself illegal its status as money or a commodity varies with differing regulatory implications. Saudi arabia monetary authority kingdom of saudi arabia المملكة العربية السعودية regulators issued a statement this week through its monetary authority.

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