Leading Middle Eastern Exchange BitOasis Working on Crypto Regulatory Framework
BitOasis confirmed that it is working with the Gulf Cooperation Council on a crypto regulatory framework.
BitOasis, the largest crypto exchange platform in the Middle East and North Africa, released a statement confirming its involvement in assisting the Gulf Cooperation Council (GCC) set up a regulatory framework for cryptocurrencies.
The GCC region includes:
- Saudi Arabia; and
- United Arab Emirates (UAE).
BitOasis in talks with GCC regulatory bodies
BitOasis announced on August 20, that is working closely with regulators across the GCC to develop regulatory frameworks following Saudi Arabia’s ban on the use of cryptocurrencies.
Although the Saudi Arabian government continues to resist the use of cryptocurrency as a payment system, BitOasis is working on developing a regulatory framework for digital assets in the country.
Ola Doudin, CEO of BitOasis, explained the need for virtual currencies to have a regulatory framework is crucial for its success. She said:
“Digital assets and blockchain technology are a reality and are here to stay. They 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.”
Doudin state she is not repugnant towards regulations. Quite the contrary, they are essential for the industry to be formally regarded and to reduce the risk of customers and investors.
According to the report, the Dubai-based exchange is working very closely with various regulatory bodies in the GCC region to develop, a progressive and efficient regulatory framework for virtual currencies.
CEO of BitOasis, Ola Doudin Wrote:
“As a whole, our region is progressive and quick to adapt to new technologies that can create more efficient, competitive, and smarter economies. REGULATORY frameworks will affirm digital assets’ status as a reality in today’s world.”
The report also states that BitOasis is working with various other regulatory bodies in Bahrain, UAE, Oman, Kuwait and Saudi Arabia, its main markets.
This effort is in hopes of an increase in acceptance of virtual currencies in the GCC region. The move for a regulated crypto industry comes in light of the strong statements given out by Saudi Arabia on banning the use of virtual currencies.
Saudi Arabia remains unmoved by digital currencies
Cryptocurrencies have recorded unprecedented growth over the last one year, to check their activities, regulatory bodies are structuring laws to suit the sector.
While this is happening in most parts of the world, Saudi Arabia offered a report from its special committee for awareness on dealing with unauthorized securities activities in the foreign exchange market rejecting.
In the Arabian Kingdom, the use of virtual currencies is prohibited as it goes against the governmental currency in use.
Saudi Arabia offered a statement from the committee dealing with foreign exchange securities banning the use of virtual currencies in the kingdom as a currency.
The special committee comprises the Capital Markets Authority of Saudi Arabia, Ministry of Interior, Ministry of Media, Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority.
An excerpt of the special committee’s publication reads:
“The committee assured that virtual currency including, for example, but not limited to, Bitcoins are ILLEGAL in the Kingdom and no parties or individuals are licensed for such practices.”
Ola Doudin reckons that having a working regulatory framework will see an increase in overall adoption of cryptocurrencies in the region as they progress to a smart economy.