Saudi Arabia's Central Bank and Capital Market Authority emphasize a measured approach to cryptocurrency innovation, aiming for technological development while maintaining financial system stability.
Missed Opportunities and Cautious Approach
Saudi Arabia aims to follow regulatory frameworks aligned with those in the UAE, emphasizing caution and striving for controlled market growth. This approach provides the necessary balance between technological progress and financial stability.
Appointment of Mohsen AlZahrani
In July 2024, Mohsen AlZahrani was appointed the head of SAMA's virtual asset initiatives. He emphasized the need for a balanced regulatory approach to fintech innovations, reflecting a strong commitment to integrating innovations without imposing strict restrictions.
Strategy to Enhance Crypto Market Confidence
Saudi Arabia is working to create a stable platform for expanding its crypto market while supporting innovations within controlled frameworks. This regulatory approach boosts investor confidence, which is also observed in other GCC countries.
Saudi Arabia's strategy regarding crypto innovations emphasizes a combination of caution and desirable technological development. Such an approach is expected to lay the foundation for sustainable growth in the virtual asset sector in the future.
