Syrian Securities Authority warns against unauthorized trading in Forex and cryptocurrencies
The Syrian Securities and Financial Markets Authority warned citizens against dealing with unlicensed offices or platforms that offer Forex or encrypted digital currency trading services, confirming that these practices are illegal and violate current regulations.
The Authority stated in a statement that some entities promote unlicensed investment services, while Syrian laws do not allow licensing such activities, exposing those dealing with them to significant legal and financial risks. It pointed out that these operations involve the possibility of fraud or manipulation, especially since they are conducted outside regulatory oversight.
The Authority emphasized that any entity engaging in this activity without a license will face legal accountability, urging citizens to immediately report any suspicious advertisements or offers. It also warned that trading in these markets could lead to significant financial losses due to the absence of official guarantees.
On the other hand, Dr. Abdel Razzaq Qasim, the head of the Authority, affirmed that the economic environment is witnessing positive transformations with the easing of Western sanctions, necessitating the strengthening of the legislative framework to support joint-stock companies and ensure their operation with confidence.
In this context, financial expert Dr. Ali Mohammed pointed out that the return of economic activity coincided with significant developments, such as the lifting of American and European sanctions, the start of foreign investments flow, including a French company's investment in the port of Latakia, agreements with Dubai ports in Tartous, in addition to energy projects worth 7 billion dollars.
He also noted that more than 500 companies have obtained licenses in recent months, reflecting a growing economic momentum that requires a regulated financial market.
It is worth mentioning that the Damascus Securities Exchange, established in 2009, currently includes 21 listed companies in various sectors such as banks, insurance, and telecommunications, with the average daily trading value in 2024 reaching around 2 billion Syrian pounds.
