Saudi Arabia is Working On Cryptocurrency Legalization

According to Chairman of Saudi Arabia's Capital Markets Authority, agency doesn't plan the prohibition of cryptocurrency in a regulation law
01 February 2018   884

The Capital Markets Authority of Saudi Arabia (CMA) will soon submit a draft law on the regulation of the cryptocurrency. As CMA chairman Mohamed ElKuwaiz said in an interview with Business Insider, the prohibition of cryptocurrency is not included in the agency's plans.

Not unlike most other markets, the regulators in Saudi have been following developments with cryptocurrencies with great interest. We are still evaluating what our appropriate regulatory response should be. I think we are likely to come up with something very soon.

Mohammed ElKuwaiz

Chairman, Saudi Arabia's Capital Markets Authority

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.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   35

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.