Is crypto legal in Saudi Arabia? Regulation & rules (2026)

Major global cryptocurrency exchanges endorsed Saudi Arabia's emerging plan to develop a nationally regulated stablecoin framework under joint SAMA and CMA oversight, aligned with Vision 2030 digital-economy goals. The endorsements marked a public signal that the Kingdom is moving from a decade-long restriction posture toward a formal licensed-digital-asset regime.

SAMA elevated its status from observer to full participant in the Bank for International Settlements' mBridge multi-CBDC cross-border payment platform alongside the central banks of China, Hong Kong, Thailand, and the UAE. The project simultaneously reached its minimum viable product milestone, enabling real-time wholesale cross-border settlement on distributed ledger technology.

Chainalysis data covering July 2023–June 2024 showed Saudi Arabia received an estimated USD 31 billion in on-chain crypto value, a 154% increase over the prior period, placing it among the fastest-growing markets globally. The surge provided the commercial impetus behind SAMA and CMA engagement with global exchanges on a licensing framework.

SAMA and the Central Bank of the UAE jointly published the final Project Aber report, confirming that a dual-issued wholesale CBDC on distributed ledger technology achieved sub-second transaction finality, met real-time gross settlement requirements, and eliminated single points of failure compared to centralised systems. The results validated a sovereign digital-currency path for bilateral and domestic interbank settlement.

SAMA's official news portal published a Ministry of Finance statement warning against dealing in or investing in virtual currencies — including any claiming a relationship with the Kingdom — on grounds that they fall entirely outside the regulatory framework, are not tradeable by licensed financial institutions, and are linked to fraud and illegal activity. This was the most explicit official statement of the Kingdom's prohibition, authoritative across all government bodies.

The Saudi Central Bank (SAMA) and UAE Central Bank (CBUAE) jointly launched Project Aber — Arabic for 'crossing boundaries' — the world's first proof of concept involving two sovereign central banks co-issuing a single digital settlement currency. Six commercial banks participated across both countries, testing domestic and cross-border interbank settlement on distributed ledger technology.

The Capital Market Authority established its FinTech Lab as a parallel regulatory sandbox to SAMA's, focused on technology-driven innovation in Saudi Arabia's securities and capital markets. Together with SAMA's sandbox, it created a dual-regulator experimental infrastructure for financial technology while the Kingdom simultaneously hardened restrictions on unregulated cryptocurrency activity.

SAMA published its formal Regulatory Sandbox Framework, enabling local and international fintech firms to test innovative financial products with real consumers in a time-limited, supervised environment before seeking full commercial licensing. The framework created a legal pathway for regulated financial innovation and was a key institutional building block of the eventual digital asset licensing approach.

The Saudi Arabian Monetary Authority issued its first formal public warning cautioning citizens and residents against trading or using cryptocurrencies, citing extreme price volatility, absence of any regulatory backing, and risks of exposure to fraud and money laundering. This initiated the Kingdom's escalating restrictive posture toward decentralised digital assets.