Report: Saudi Arabia's Central Bank Hires Virtual Assets and Digital Currency Program Lead – Regulation Bitcoin News

Besides Saudi residents’ adoption of cryptocurrencies, a Bloomberg report citing unnamed sources said authorities in Riyadh may have been forced to contemplate formally regulating cryptocurrencies by the neighboring United Arab Emirates .

The UAE has emerged as the leading destination for crypto and blockchain startups that want to operate in the region. Several global cryptocurrency exchange platforms such as Binance and FTX have beenlicenses allowing them to operate in the country. According to the report, such factors may have played a part in prompting Saudi authorities to consider formally regulating cryptocurrencies.

In addition to Al Zahrani’s appointment, the sources cited in the Bloomberg report suggested that Saudi Arabia has a team working with unnamed global crypto firms regarding the development of future cryptocurrency regulations.

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Hopefully the regulation is good regulation.

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