ecox.pro logo ecox.pro Independent guide
Menu

Is crypto legal in Saudi Arabia?

We found no current Saudi law or regulator rule that expressly allows, or expressly bans, a person owning crypto. The official record consists mainly of warnings from 2018 to 2020 that virtual currencies were not regulated and that no one was licensed to deal in them, plus anti-money-laundering rules and central bank work on wholesale digital currency.[1][2]

  • Published
  • Updated
  • Sources last checked

Independent publication about EcoX and related public activity. Not operated by or affiliated with EcoX Network, Jorge Sebastiao or Franco Fiore. Advertisements are separate from editorial coverage. About this site

Short answer

  • No licensing framework found. In 2018 a standing committee of Saudi authorities said virtual currencies were not regulated in the Kingdom, were not approved as official currencies, and that no parties or individuals were licensed by Saudi regulators for virtual-currency activity. We found no later official announcement of a licence for a crypto exchange or other provider. [1][3][2]
  • Warnings rather than a written ban. In 2019 the Ministry of Finance said cryptocurrencies were not recognised by legal entities, were outside the regulatory framework and were not traded by local financial institutions. These are historical statements; we found no later text that confirms or replaces them. [4][5][6]
  • Promotion carries legal risk. The Ministry of Finance said marketing digital currencies using the Kingdom's name, currency or emblem would face legal action, and a permanent committee said in 2020 that people who promote unlicensed investments could face liability. [7][8]
  • Central bank digital currency is a separate topic. SAMA's digital currency projects concern wholesale settlement between central banks and commercial banks. [9][10]

Who is responsible

Authorities whose statements or rules on crypto are cited on this page
AuthorityRole in the sources we cite
Saudi Central Bank (SAMA) Its website carries the 2018 and 2020 committee warnings; runs the regulatory sandbox and wholesale digital currency projects [1][11][12]
Capital Market Authority (CMA) Headed the 2018 standing committee; issues capital-market fintech experimental permits [13][14]
Ministry of Finance Issued the 2019 statement on virtual currencies [4]

What Saudi authorities have said

The 2018 warning came from a standing committee headed by the Capital Market Authority, with the Ministry of Interior, the Ministry of Media, the Ministry of Commerce and Investment and SAMA as members. [13]

  • 12 August 2018. Virtual currencies, including Bitcoin, were not regulated in the Kingdom and were not approved as official currencies; no parties or individuals were licensed for such activity. [1][3][2]
  • 20 August 2019. The Ministry of Finance said virtual currencies were not recognised by legal entities, were outside the regulatory framework and were not traded by local financial institutions. [4][5][6]
  • 20 August 2019. Marketing virtual or digital currencies using the Kingdom's name, national currency or emblem would be subject to legal action. [7]
  • 25 October 2020. The permanent committee said its remit included countering the marketing of unlicensed digital currencies, and that people who advertise or promote unlicensed investments could face liability. [15][8]

Anti-money-laundering rules

  • Saudi Arabia's Anti-Money Laundering Law defines funds broadly, including electronic or digital systems that evidence ownership or an interest. [16]
  • Financial institutions and designated businesses that suspect funds are linked to crime must report the transaction. [17]
  • In November 2024 the SAMA Governor said Saudi committees had assessed the money-laundering and terrorist-financing risks of virtual assets and virtual asset service providers. [18]
  • In April 2026 the SAMA Governor said rapid global implementation of FATF standards for virtual assets was needed. [19]

Sandbox approvals and fintech permits are not licences

  • Under SAMA's Regulatory Sandbox Framework, a concept approval letter does not allow a fintech to start operating. [11]
  • Sandbox testing lasts at least six and at most 12 months, and anti-money-laundering requirements are among those unlikely to be relaxed. [20][21]
  • A firm leaving the sandbox may apply for a full licence or an amended existing licence. [22]
  • The CMA's fintech experimental permit covers testing capital-market products within set parameters and timeframes. [14]

Central bank digital currency work

  • Project Aber (2019) was run with the Central Bank of the UAE to test distributed ledgers for cross-border payments; its wholesale currency was used only by the two central banks and participating banks. [23][9]
  • In January 2023 SAMA said it was testing domestic wholesale use cases and that no decision had been made on introducing a central bank digital currency. [24][25]
  • In June 2024 SAMA joined the BIS mBridge project, a multi-central-bank wholesale platform for cross-border payments between commercial banks. [12][10]

What we could not find

On 13 October 2026 we found no official source on:

  • a current statute or regulator rule that expressly permits or prohibits a resident buying, holding or selling crypto;
  • any licence granted to a crypto exchange, broker or custodian after the 2018 statement;
  • an official rule on whether banks may process transfers to or from crypto exchanges;
  • a rule on paying for goods or services with crypto;
  • a specific rule on crypto mining;
  • a ZATCA position on VAT, income tax or zakat for crypto;
  • a 2025 or 2026 consultation, law or licensing framework for virtual asset service providers.

If you know of an official text that answers one of these points, send it through the contact form and we will review it.

How this compares with Dubai and the UAE

In the UAE, crypto firms need a licence: in Dubai from the Virtual Assets Regulatory Authority (VARA)[26], and under federal rules for the same kind of activity elsewhere in the UAE.[27] See Is crypto legal in Dubai? and the list of firms on the VARA register.

Other Gulf countries

Sources

Each note shows the source, its publisher, the date we last checked it and the status of the statement it supports. Status labels are explained in the editorial policy.

  1. The virtual currencies are not regulated inside the kingdom of Saudi Arabia, Saudi Central Bank (SAMA), published 12 August 2018. Checked 13 October 2026. Historical Supports: On 12 August 2018, the Standing Committee said that virtual currencies were not regulated inside Saudi Arabia.
  2. The virtual currencies are not regulated inside the kingdom of Saudi Arabia, Saudi Central Bank (SAMA), published 12 August 2018. Checked 13 October 2026. Historical Supports: On 12 August 2018, the Standing Committee said that no parties or individuals were licensed by Saudi regulators for virtual-currency practices.
  3. The virtual currencies are not regulated inside the kingdom of Saudi Arabia, Saudi Central Bank (SAMA), published 12 August 2018. Checked 13 October 2026. Historical Supports: On 12 August 2018, the Standing Committee said that virtual currencies, including Bitcoin, were not approved as official currencies in Saudi Arabia.
  4. MOF Warns against Dealing in Virtual Currencies, Including cryptocurrencies that claim relationship with the Kingdom, Ministry of Finance, Saudi Arabia, published 20 August 2019. Checked 13 October 2026. Historical Supports: On 20 August 2019, the Ministry of Finance said virtual currencies, including cryptocurrencies, were not recognised by legal entities in Saudi Arabia.
  5. MOF Warns against Dealing in Virtual Currencies, Including cryptocurrencies that claim relationship with the Kingdom, Ministry of Finance, Saudi Arabia, published 20 August 2019. Checked 13 October 2026. Historical Supports: On 20 August 2019, the Ministry of Finance said virtual currencies were outside the Saudi regulatory framework.
  6. MOF Warns against Dealing in Virtual Currencies, Including cryptocurrencies that claim relationship with the Kingdom, Ministry of Finance, Saudi Arabia, published 20 August 2019. Checked 13 October 2026. Historical Supports: On 20 August 2019, the Ministry of Finance said cryptocurrencies were not traded by financial institutions locally.
  7. MOF Warns against Dealing in Virtual Currencies, Including cryptocurrencies that claim relationship with the Kingdom, Ministry of Finance, Saudi Arabia, published 20 August 2019. Checked 13 October 2026. Historical Supports: The Ministry of Finance said in 2019 that marketing virtual or digital currencies using Saudi Arabia's name, national currency, or emblem would be subject to legal action by competent authorities.
  8. The Permanent Committee for Awareness and Warning against the activity of trading in securities in the unlicensed foreign exchange market, Saudi Central Bank (SAMA), published 25 October 2020. Checked 13 October 2026. Historical Supports: On 25 October 2020, the Permanent Committee said people who advertise or promote the relevant unlicensed investments could face liability and legal deterrent action.
  9. SAMA and CBUAE Issue Report on Results of Joint Digital Currency Experiment "Aber", Saudi Central Bank (SAMA), published 29 November 2020. Checked 13 October 2026. Historical Supports: SAMA and the Central Bank of the UAE said in November 2020 that Project Aber's wholesale CBDC was used only by the two central banks and participating banks as a settlement unit for domestic and cross-border commercial-bank transactions.
  10. SAMA Joins mBridge Project as MVP Platform Participant, Saudi Central Bank (SAMA), published 5 June 2024. Checked 13 October 2026. Confirmed Supports: SAMA described the mBridge MVP platform as a multi-central-bank wholesale CBDC system intended to facilitate cross-border payments between commercial banks in different jurisdictions.
  11. SAMA Regulatory Sandbox Framework, Saudi Central Bank Rulebook. Checked 13 October 2026. Confirmed Supports: Under SAMA's Regulatory Sandbox Framework, a Sandbox Concept Approval letter does not permit a fintech to commence operations.
  12. SAMA Joins mBridge Project as MVP Platform Participant, Saudi Central Bank (SAMA), published 5 June 2024. Checked 13 October 2026. Confirmed Supports: On 5 June 2024, SAMA joined the BIS mBridge project as a participant in its Minimum Viable Product platform.
  13. The virtual currencies are not regulated inside the kingdom of Saudi Arabia, Saudi Central Bank (SAMA), published 12 August 2018. Checked 13 October 2026. Historical Supports: The 2018 Standing Committee warning said the committee was headed by the Capital Market Authority and included the Ministry of Interior, Ministry of Media, Ministry of Commerce and Investment, and SAMA.
  14. Annual Report 2023, Capital Market Authority, Saudi Arabia, published 30 June 2024. Checked 13 October 2026. Historical Supports: The CMA's 2023 annual report defined a Financial Technology Experimental Permit as a permit to deploy and experiment with innovative fintech products related to the capital market within specified parameters and timeframes.
  15. The Permanent Committee for Awareness and Warning against the activity of trading in securities in the unlicensed foreign exchange market, Saudi Central Bank (SAMA), published 25 October 2020. Checked 13 October 2026. Historical Supports: On 25 October 2020, the Permanent Committee said that its remit included countering marketing of unlicensed digital currencies in all names and derivatives.
  16. Anti-Money Laundering Law, Saudi Central Bank Rulebook, published 25 October 2017. Checked 13 October 2026. Confirmed Supports: Saudi Arabia's Anti-Money Laundering Law, marked in force on the SAMA Rulebook, defines funds to include electronic or digital systems and bank credits that evidence ownership or an interest.
  17. Anti-Money Laundering Law, Saudi Central Bank Rulebook, published 25 October 2017. Checked 13 October 2026. Confirmed Supports: Under Article 15 of the in-force Anti-Money Laundering Law, financial institutions, designated non-financial businesses and professions, and NPOs that suspect funds are proceeds of crime or related to money laundering must report the transaction to the General Directorate of Financial Intelligence.
  18. H.E. SAMA Governor Ayman M. Al-Sayari, Saudi Central Bank (SAMA), published 22 November 2024. Checked 13 October 2026. Confirmed Supports: On 22 November 2024, the SAMA Governor said Saudi committees had assessed money-laundering and terrorist-financing risks associated with virtual assets and VASP activities and identified risk-reduction measures.
  19. SAMA Governor Speech at the Financial Action Task Force (FATF) Ministerial Meeting During the IMF and WBG Spring Meetings, Washington, D.C., Saudi Central Bank (SAMA), published 17 April 2026. Checked 13 October 2026. Confirmed Supports: On 17 April 2026, the SAMA Governor said rapid and effective global implementation of FATF standards in the virtual-assets sector was needed.
  20. SAMA Regulatory Sandbox Framework, Saudi Central Bank Rulebook. Checked 13 October 2026. Confirmed Supports: SAMA's Regulatory Sandbox Framework states that permitted innovators test their ideas for a minimum of six months and up to 12 months.
  21. SAMA Regulatory Sandbox Framework, Saudi Central Bank Rulebook. Checked 13 October 2026. Confirmed Supports: SAMA's Regulatory Sandbox Framework lists anti-money-laundering and counter-terrorist-financing requirements among the requirements unlikely to be relaxed or waived in the Sandbox.
  22. SAMA Regulatory Sandbox Framework, Saudi Central Bank Rulebook. Checked 13 October 2026. Confirmed Supports: SAMA's Regulatory Sandbox Framework says a successful Sandbox applicant may apply for a full licence or an amended existing licence when exiting the Sandbox.
  23. Saudi Central Bank Continues CBDC Experimentations, Saudi Central Bank (SAMA), published 23 January 2023. Checked 13 October 2026. Historical Supports: SAMA said in January 2023 that it had conducted Project Aber in 2019 with the Central Bank of the UAE to examine whether distributed-ledger technology could support cross-border payments.
  24. Saudi Central Bank Continues CBDC Experimentations, Saudi Central Bank (SAMA), published 23 January 2023. Checked 13 October 2026. Historical Supports: On 23 January 2023, SAMA said it was experimenting with domestic wholesale CBDC use cases with local banks and fintechs.
  25. Saudi Central Bank Continues CBDC Experimentations, Saudi Central Bank (SAMA), published 23 January 2023. Checked 13 October 2026. Historical Supports: On 23 January 2023, SAMA said no decision had been made on introducing a CBDC in Saudi Arabia.
  26. Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, Dubai Legislation Portal, published 28 February 2022. Checked 13 October 2026. Confirmed Supports: A person may not conduct a Dubai virtual asset activity without a VARA permit under Dubai Law No. 4 of 2022.
  27. Cabinet Resolution No. (111) of 2022 Regulating Virtual Assets and the Related Service Providers, UAE Legislation. Checked 13 October 2026. Confirmed Supports: Cabinet Resolution No. 111 of 2022 prohibits a person from engaging in VA activities in the UAE without approval and a licence from the SCA (now the Capital Market Authority) or the applicable local licensing authority.