Unauthorized Cryptocurrency Declared Illegal in Saudi Arabia

August 15

On August 12, SAMA, the Saudi Arabian Monetary Authority, issued a Statement on its website warning against trading in virtual currencies because they are outside government supervision.  The Statement said that ” that virtual currency including, for example but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices.”  Interestingly, though, the warning did not identify the penalty for cryptocurrency trading.

David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. He is currently the Chairman of the Litigation Department of the firm’s New York office. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. Since 2008, David has been included in Chambers for his expertise in international arbitration.