Dubai-based crypto exchange BitOasis, which has its operations in North Africa and the Middle East has announced that it will work with financial markets and regulators from the Gulf Cooperation Council (GCC) to have the cryptocurrency industry in the region regulated. The company will work towards developing a strong regulatory framework for the nascent industry.
Lifting the ban on crypto in Saudi Arabia
According to media reports however, the main agenda for this new initiative is to have the recently introduced ban on cryptocurrencies in Saudi Arabia lifted. In a publication, Arabian Business website says blockchain technology and digital assets have gained a lot of interest in the recent years. According to the business news network, cryptocurrency are likely to become the future money. Cryptocurrencies will be the world’s first attempt to have a universal currency. In a statement BitOasis CEO Ola Doudin said the fast-growing industry is still in its infant stage and all around ten world stakeholders are talking about its regulation.
Regulation is the way to go for the industry
According to Doudin, having a strong regulatory framework will be very important as they will help formalize the industry, instill sanity and minimize cases of scam and fraud that have seen customers lose billions. Doudin says because of this, her company will be working closely with regulators of financial markets among the GCC member states to come up with the necessary regulatory framework.
Doudin says on a large scale, the region has been welcoming to cryptocurrencies. She adds that the region has been quick to adapt to new and disruptive technologies which create more competitive, efficient and smart economies. A strong regulatory framework according to Doudin, will help to establish cryptocurrencies another class of assets just like other classes.
The central bank in Saudi Arabia recently warned the public as well as companies against investing their money in cryptocurrencies. The warning was issued by the standing committee of the central bank. According to a statement from the committee, investments in cryptocurrencies are very risky and not regulated.