Regulators from Saudi Arabia do not seek to regulate Bitcoin.
Saudi Arabia is one of those countries that wants to be neutral when it comes to the regulatory issue of Bitcoin.
Therefore, the Saudi Arabian government has come out openly to say that it is not considering regular Bitcoin in the country. At a time when many national governments are trying to prevent the digital currency from growing, others are taking care not to get involved in the regulation of cryptocurrency. However, there are those who want to be neutral on the subject. Saudi Arabia is one of those countries that want to be neutral on the subject.
All this attitude is taken into account because the market is not mature to regulate bitcoin and the ICO, this is a rather strange position, the important thing is to protect investors so as not to let people take advantage of the benefits of the market and can deceive the users.
Recently, a senior adviser to the Saudi financial regulator informed the specialized media on Sunday that the cryptocurrency market in Saudi Arabia is not mature enough to assess the influence these cryptocurrencies can have on the economy and regulation.
Another senior adviser, Abdulmalik Al-Sheikh of the Saudi Arabian Monetary Agency (SAMA), noted that cryptocurrencies are not what SAMA as an agency focuses on regulating at present. According to him, (cryptocurrency) is in its infant stage with tests and pilots everywhere. He did not consider it as something strong in which there is a great need to be part of this moment. This comment was the result of the FinTech event in Abu Dhabi.
In addition, he highlighted how the Central Bank of the country is monitoring and measuring the impact of cryptocurrencies. For him, it could be another five years before he sees a real impact and the future operating model of cryptocurrencies. According to him, the key regulators are using the "wait and see approach" for the initial offers of currencies (ICO). It is a means for startups to acquire funds through a virtual currency issue. However, investors typically do not acquire equity in a company compared to those with an initial public offering (IPO). According to CoinSchedule, the industry website, this year alone, more than $ 3 billion have been raised through the ICOs.
In this regard, Malik reported the following. "For us it is not something that is negotiated and accepted globally, it is something that is done and negotiated in different markets. As I mentioned before, we are observing that and monitoring what is happening and trying to measure the associated risks. "
As the facts have developed, regulators throughout the world have adopted various approaches to the regulation of ICO and the cryptocurrency. For example, in recent times China banned all ICOs have also banned exchanges of cryptocurrency. In addition to China, South Korea also banned ICOs. However, Japan, on the other hand, granted subsidies to companies by accepting Bitcoin as a means of payment. Recently, Abu Dhabi announced plans to bring ICOs under regulation.
Likewise, we must remember the following, by market capitalization, Bitcoin is the largest cryptocurrency and has achieved a new record with a big price increase this year. In general, interest in cryptocurrencies is increasing, although there have also been criticisms from some sectors. Recently, Jamie Dimon CEO JP Morgan Chase called Bitcoin a scam.
In summary regarding the blockchain-bitcoin technology has not been said the last word, this revolutionary technology is already occupying the spaces gained due to its efficiency, just wait, time will tell, meanwhile there is great confidence in the users. It waits for new announcements