Earlier this week a Government committee said that bitcoin and other similar virtual currencies are not approved in Saudi Arabia.
Dubai-based BitOasis has announced that it is working closely with regulators across the GCC to develop regulatory frameworks following Saudi Arabia's ban on the use of cryptocurrencies.
In a statement, BitOasis said that the recent adverse announcement on digital asset trading in Saudi Arabia highlights the necessity for a clear and comprehensive regulatory framework to build confidence at the highest level.
The cryptocurrency exchange firm reassure its users that the recent developments will not impact its operations and its platform is still open to customers to safely and securely trade digital assets across the Middle East.
Saudi Arabia's special governmental committee for awareness on dealing with unauthorised securities activities in the foreign exchange market (Forex) cautioned citizens and residents that transactions and investments using cryptocurrencies is prohibited in the Kingdom.