BitOasis, a Dubai-based crypto exchange with a significant presence in the Middle East and North Africa, will work with financial markets and services regulators from the Gulf Cooperation Council (GCC) on a regulatory framework for the nascent crypto industry in the region.
According to a publication on the Arabian Business website, the main reason for the move is the recently introduced ban on anything involving cryptocurrencies in Saudi Arabia.
“Digital assets and blockchain technology are a reality and are here to stay. They are the future of money,” Ola Doudin, CEO of BitOasis told Arabian Business in a comment on the Saudi Arabia ban. “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 noted she is not averse to regulations, on the contrary – they are essential for the formalization of the industry and the minimization of risk for the customers. For this reason, Doudin said, BitOasis is working closely with the regulators of the key markets across the GCC to develop the necessary regulatory framework.
“As a whole, our region is progressive and quick to adapt to new technologies that can create more efficient, competitive, and smarter economies,” Doudin said. “Regulatory frameworks will affirm digital assets’ status as a reality in today’s world.”
Last week the standing committee of Saudi Arabia’s central bank warned the public and the companies against investing in cryptocurrencies. The main reasons, as per the statement, were that investments in such digital assets pose a high risk of loss and they are not regulated.