Future Crypto News | Latest Country Updates for Crypto Currency

Saudi Arabia

GDP

Population

GDP per capital

Light

Yellow

Banking

General adoption

Saudi Arabia has displayed its clear intention to liberalize its economic and financial structure by allowing the use of certain cryptocurrencies in the near future.

Government View

Consumers can legally trade with cryptocurrencies in Saudi Arabia. There are currently no regulations specifically governing cryptocurrencies in Saudi Arabia. The Ministry of Finance in Saudi Arabia had previously warned against the use of cryptocurrencies in Saudi Arabia since they are not recognized and not within the regulatory framework of any of the financial entities in the Kingdom.

Blockchain Projects

Project Aber is the main governmental blockchain project that has been announced in Saudi Arabia in companionship with The UAE.

Taxes and Regulation

There are currently no regulations specifically governing cryptocurrencies in Saudi Arabia. Taxes on Bitcoin in Saudi Arabia are virtually thus non-existent since the government is actively warning investors to stay away from cryptocurrencies.

Trading Methods

Binance ,
Kraken

Trading

Trading crypto is permitted in Saudi Arabia, you may use your credit card or bank transfers to transfer fiat to the wallets and start trading, these channels are optional for both cashing out and cashing in. You’d need to register with an exchange and receive the correct permissions.

Privacy

Last Updated

Tuesday, 1 November, 2022