The Capital Markets Authority of Saudi Arabia (CMA) will soon submit a draft law on the regulation of the Crypto-currency. As CMA chairman Mohammed Elkuyvats said in an interview with  Business Insider , the prohibition of turnover of crypto-currency is not included in the agency’s plans.

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“As in other countries, regulators in Saudi Arabia are watching with interest the development of the crypto-currency market. While we are trying to understand how it is better to regulate this sphere, “said Elkuvaits.

It should be noted that to date the Saudi authorities have not imposed any restrictions related to bitcoin trade or ICO.

Earlier, the Central Bank of Saudi Arabia noted that it is too early to introduce regulation, because “the market has not yet matured,” and it is possible to assess the impact of the crypto currency on the financial market not earlier than in 5 years.

In November 2017, as part of the anti-corruption campaign in Saudi Arabia, eleven members of the royal family were detained, including Prince Al-Walid Bin Talal bin Abdul Aziz Al Saud, who criticized bitcoin.