News

Saudi Arabia reissues crypto trading ban

A standing committee of Saudi Arabia’s leading regulator has issued a statement reiterating the ban on the use of cryptocurrencies such as Bitcoin. The statement was issued after a number of websites and social media platforms in the kingdom were found to have promoted cryptocurrencies. The Standing Committee for Awareness on Dealing in Unauthorized Securities Activities is led by the Capital Market Authority and includes the Saudi Arabian Monetary Agency, Ministry of Trade and Investment, Ministry of Information and Ministry of Interior. The statement said any websites claiming to be licensed by official authorities were wrong and that “no parties or individuals are licensed for such practices”. It also warned against trading in cryptocurrencies because of potential scams, high volatility and the “negative consequences and high risks on traders as they are out of government supervision”. The committee is also looking to clamp down on the marketing of illegal trading services of forex trading. It added that any investors in doubt about what trading activity is permissible should refer to the relevant government agencies and their lists of licensed entities. ©2018 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.