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In August 2018 a specially created Standing Committee for Awareness on Sealing in Unauthorized Securities Activities in the Foreign Exchange Market (Forex) announced in a statement that virtual currencies are not regulated in Saudi Arabia and also warned against trading forex, because of the high risks involved and because that market is still out of Saudi government supervision.
The Standing Committee was formed by a supreme decree and is headed by the Capital Market Authority (CMA), the Ministry of Interior, the Ministry of Media, the Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority (SAMA).
Of those institutions the Capital Market Authority is the Saudi government financial regulatory authority, responsible for the capital markets in Saudi Arabia and the protection of investors and the public from unfair and unsound practices, involving fraud, deceit, cheating, manipulation, and inside information trading.
The other institution responsible fore the financial sector in the country is the Saudi Arabian Monetary Authority or the central bank of the Kingdom of Saudi Arabia, which oversees all commercial banks and exchange dealers and maintains the monetary policy and price stability in the country.
Still, opening a trading account with a forex broker in Saudi Arabia is not a crime and one can always choose from the list of regulated brokers with well respected financial watchdogs like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
