CryptoVanguard
Fri Jun 07 2024
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7 answers
1210
Can you use crypto in Saudi Arabia?｜. In 2018, the government restricted banks from assisting with any cryptocurrency-related transactions. Authorities have repeatedly stated that people who trade cryptocurrencies have no financial protections and could be risking their investments. Crypto has quasi- legal status in Saudi Arabia
Could you elaborate on the legal status of cryptocurrency in Saudi Arabia? I understand that banks are restricted from facilitating crypto-related transactions, but what does "quasi-legal status" actually mean? Does this indicate that cryptocurrency trading is neither fully legal nor illegal? If so, how do individuals in Saudi Arabia navigate this grey area? Additionally, could you provide any insights into the potential risks involved in investing in cryptocurrencies despite the lack of financial protections?
isabella_cole_psychologist
Fri Jun 07 2024
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5 answers
1024
Is cryptocurrency legal in Saudi?｜. In 2018, the government restricted banks from assisting with any cryptocurrency-related transactions. Authorities have repeatedly stated that people who trade cryptocurrencies have no financial protections and could be risking their investments. Crypto has quasi-legal status in Saudi Arabia
Is cryptocurrency legal in Saudi Arabia? This question remains somewhat ambiguous given the country's regulatory stance. In 2018, the Saudi government imposed restrictions on banks, prohibiting them from facilitating any transactions involving cryptocurrencies. Authorities have repeatedly cautioned individuals engaged in crypto trading that they lack financial protections and could potentially jeopardize their investments. However, the exact legality of cryptocurrencies in Saudi Arabia remains a gray area, resulting in a quasi-legal status for crypto within the Kingdom. Could you clarify the official stance on cryptocurrencies in Saudi Arabia? Are there any specific regulations or policies that govern the use and trading of crypto assets in the country?
