Cryptocurrency is not recognized as legal tender in Saudi Arabia and operates in a heavily restricted environment. The Standing Committee for Awareness on Dealing in Unauthorized Securities Activities issued a warning in 2018 stating that virtual currencies are not regulated inside the Kingdom and are not approved as official currencies (1). The committee, headed by the Capital Market Authority with membership from the Ministry of Interior, Ministry of Media, Ministry of Commerce and Investment, and Saudi Arabian Monetary Authority, emphasized that no parties or individuals are licensed for cryptocurrency practices by regulators in Saudi Arabia (1).
The Standing Committee warns against trading in virtual currencies due to their negative consequences and high risks to traders, as they operate outside government supervision. Citizens and residents are cautioned about pursuing such investments due to the high regulatory, security, and market risks involved, including the signing of fictitious contracts and transfer of funds to unknown entities (1). The committee works with relevant parties to reduce marketing for investment and trading in virtual currencies through reporting on SAMA or CMA official websites (1).
"The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown entities."
Despite the restrictive stance, Saudi Arabia has demonstrated interest in blockchain technology and central bank digital currencies through initiatives like Project Aber. This joint project with the United Arab Emirates Central Bank assessed the feasibility of a dual-issued digital currency for domestic and cross-border interbank settlements (2). The Saudi Central Bank has also established a regulatory sandbox framework that allows fintech companies to test innovative financial products, though public cryptocurrencies remain outside the scope of approved activities (2).
Source:
https://cma.gov.sa/en/MediaCenter/PR/Pages/Virtual_Currencies.aspx
https://www.grantthornton.sa/en/insights/articles-and-publications/Digital_Currency_and_Auditing/
Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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