The Saudi Ministry of Finance issued a warning on Tuesday against dealing with CryptoRiyal (CR) and SmartRiyal which are issued by a Singapore based cryptocurrency startup firm.
Any use of the KSA name, national currency or national emblem by any entity for virtual or digital currencies marketing will be subject to legal action by the competent authorities in the KingdomThe ministry said on Tuesday.
The website of a cryptocurrency company in Singapore is promoting what it calls the CryptoRiyal and SmartRiyal, using the Saudi emblem of two crossed swords and a palm tree. Its “ultimate goal” is to finance NEOM, the smart city and tourist destination being built in the north of the Kingdom, the company claims.
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