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Saudi Arabia is preparing a bill to regulate cryptocurrency

In Saudi Arabia, the Agency for management of capital markets (CMA), is preparing a bill on the regulation of the cryptocurrency market. The representative of the financial regulator of the country made a statement that authorities are looking at new tool and pick up to it approaches, but to limit and impose restrictions, like China and South Korea do not intend to.

The head of the CMA, Mohammed al-Kovats (Mohammed Al-Kuwaits) said that in the near future the organization will present the first draft law on cryptocurrencies.

«Financial regulators in Saudi Arabia, as in many countries, with increased interest the development of the cryptocurrency market. We want to find a way of resolving this sphere», — explained the official, and assured that to introduce restrictions on the circulation of scriptaction in the country, the AGR is going.

The Central Bank of Saudi Arabia had previously announced loyalty to the cryptocurrency market, explaining that the regulation it is too early, «the market is not yet ripe». A realistic assessment of the impact of cryptocurrencies on the financial market can be determined not earlier than five years, said the head of the Central Bank of the country.

Together with the Central Bank of the UAE, the Central Bank of Saudi Arabia plans to launch a digital payment between countries. UAE, unlike its neighbor, has long been experimenting with cryptocurrencies and plans to transfer to the account of the state agencies on the blockchain, and to issue their own digital money.

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