Bitoasis seeks regional crypto regulatory framework in Middle East

Responding to Saudi Arabia's ban on cryptocurrency, Bitoasis has hooked up with Gulf Cooperation Council regulators

Bitoasis, the largest crypto exchange in the Middle East and North Africa, is working alongside Gulf Cooperation Council regulators to develop new cryptocurrency rules. It has made the decision in light of Saudi Arabia’s recent ban on cryptocurrencies.

READ MORE: Saudi Arabia issues virtual currency ban warning

“As a pioneer in the industry, we are working closely with regulators in a number of our key markets across the GCC to develop and comply with the necessary regulatory framework,” says Bitoasis CEO Ola Doudin. “Regulations are absolutely fundamental. They are essential to grow and formalise the industry while minimising risks on customers.”

She adds that cryptocurrencies and blockchain technology “are the future of money. This fast growing industry is at its early stage and regulations are currently being discussed and developed in every part of the world, including this region”.

Regulation will affirm digital assets

Doudin also says that “as a whole, our region is progressive and quick to adapt to new technologies that can create more efficient, competitive, and smarter economies”. She assures that “regulatory frameworks will affirm digital assets’ status as a reality in today’s world.”

Bitoasis, unaffected by the ban

Despite the ban in Saudi Arabia, the cryptocurrency trading firm confirms its “platform is still open to customers to safely and securely trade digital assets across the Middle East”.

READ MORE: Digital exchanges join effort to bolster crypto regulation

“The recent adverse announcement on digital asset trading in Saudi Arabia highlights the necessity for a clear and comprehensive regulatory framework to build confidence at the highest level,” concludes Bitoasis.

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