The standing committee for awareness on dealing in unauthorized securities activities in the foreign exchange market (Forex) warns: “The virtual currencies are not regulated inside the kingdom of Saudi Arabia”

The standing committee warns against trading in the Forex or what is known as Virtual currency for their negative consequences and high risks on the traders as they are out of government supervision. The committee assured that virtual currency including, for example but not limited to, the Bitcoins are not approved as official currencies in the kingdom and no parties or individuals are licensed for such practices by regulators in the kingdom. The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown   . It is noteworthy, that the standing committee which was formed by the supreme decree headed by Capital Market Authority (CMA), Ministry of Interior membership, Ministry of Media, ministry of commerce and investment and Saudi Arabian Monetary Authority (SAMA). As required by the supreme decree, the standing committee works with relevant parties in order to reduce marketing for investment and trading in Forex and virtual currencies by reporting on SAMA or CMA official websites. The standing committee confirmed that government parties relevant to investment in the financial sector provide all needed information about authorized parties that interested investors can refer to as they are under supervision by the legislative and regulatory  authorities.