Al-Hussein warns digital trading license is an illusion

 Al-Hussein warns digital trading license is an illusion
August 20, 2021
Saudi Gazette report
RIYADH — The Ministry of Commerce official spokesman Abdulrahman Al-Hussein has warned in his twitter account against fake websites that delude people into securing a license for digital trading.
Al-Hussein added that these websites and TV announcements inviting people to invest in them and secure digital trading license are fake and full of misleading information they seek to spread.
He explained that the publication and marketing of the news related to digital trading is a crime punishable by the Kingdom’s legal system.
The Ministry of Commerce announced that it is working with competent authorities to track these sites, punish misleaders, and take necessary measures against them.
No one is entitled or allowed to trade digital currencies. The concerned authorities confirmed that it is a prohibited and illegal operation in the Kingdom.

Comments

Post a Comment

Popular posts from this blog

Saudi Arabia raises white land tax to 10%, introduces annual levy on vacant properties

  May 01, 2025 The amendments unify the tax application stages, with the annual tax now covering individual or combined landholdings of 5,000 square meters or more within designated urban zones. Saudi Gazette report RIYADH —  Saudi Arabia has approved amendments to its White Land Tax Law, raising the annual levy on undeveloped land from 2.5% to 10% of its value and introducing, for the first time, an annual tax on long-vacant properties without justified use. The changes, passed during Tuesday’s Cabinet session, are aimed at boosting property development and increasing housing supply, as the government works to address rising real estate prices. The Ministry of Municipal and Rural Affairs and Housing announced plans to offer housing units across various regions in partnership with private developers, priced between SR250,000 and SR1.2 million. The initiative targets raising Saudi homeownership to 66% this year, according to Minister Majed Al-Hogail during a recent government p...
Read more

Commerce Ministry unveils updated digital commercial registration with QR code access

May 25, 2025 Commerce Ministry unveils updated digital commercial registration with QR code access Saudi Gazette report RIYADH — The Ministry of Commerce has introduced a redesigned digital commercial registration (CR) certificate for businesses in Saudi Arabia, featuring a more streamlined format and improved data accessibility. The updated CR now consists of a single-page electronic certificate containing all relevant business information. Users can instantly access detailed data by scanning a QR code displayed on the left side of the certificate. This update coincides with the implementation of the new Commercial Registry Law and its executive regulations. Among the key changes is the transition to a unified national CR per establishment, consolidating all activities under one license regardless of geographic location within the Kingdom. The revised system also eliminates the traditional expiration date for the CR. Instead, businesses are now required to electronically confirm their...
Read more

MHRSD: Minimum 10-day paid leave mandatory for employees performing Hajj for first time

 May 01, 2025 The Ministry of Human Resources and Social Development clarified that the Labor Law allows employees to avail of paid leave to perform Hajj once in their service period if they have not previously performed it. The Ministry of Human Resources and Social Development clarified that the Labor Law allows employees to avail of paid leave to perform Hajj once in their service period if they have not previously performed it. Saudi Gazette report RIYADH — The Ministry of Human Resources and Social Development emphasized that Hajj leave must not be less than 10 days and not more than 15 days, including Eid al-Adha holiday, for those employees performing the annual pilgrimage of Hajj for the first time. In a statement marking the beginning of the Hajj season, the ministry clarified that the Labor Law allows employees to avail of paid leave to perform Hajj once in their service period if they have not previously performed it, provided they have completed at least two consecutive...
Read more