The Kingdom of Saudi Arabia follows a strict, organized, and well-considered regulatory approach in regulating the digital assets, cryptocurrencies, and modern financial technology sector, where the Saudi Capital Market Authority (CMA) maintains its full supervisory and regulatory role in monitoring this growing sector accurately, comprehensively, and continuously.
It is essential and important to know that trading in officially unlicensed cryptocurrencies is considered illegal and completely prohibited under the current legislation and regulations in force in the Kingdom.
Moreover, providing any services related to crypto and digital assets requires obtaining prior official and approved licensing from the competent authority to ensure full and complete compliance with the applicable local laws, regulations, and instructions.
Licensed companies concerned with providing cryptocurrency services are obligated to follow strict and stringent procedures to combat money laundering and financial fraud, in order to ensure complete integrity and transparency and protect investors and clients from potential and multiple risks.
In addition to that, smart contracts and digital assets must fully comply with the applicable civil and commercial laws.