Is crypto legal in Saudi Arabia? Rules & regulation (2026)

Legal framework

Patchwork of in-force restrictions plus emerging sectoral rules: 2018 Standing Committee declaration (led by SAMA) that virtual currencies are 'illegal' and unlicensed, reinforced by the 2019 Ministry of Finance warning; banks prohibited from crypto dealings without SAMA approval; Capital Market Authority (CMA) FinTech Lab / sandbox and evolving tokenization rules for security tokens; a joint SAMA–CMA stablecoin framework announced in late 2025 but not yet in force. No comprehensive dedicated crypto law has been enacted.

Status by sub-area

• Stablecoins

  Proposed

  SAMA and CMA jointly announced a program in late 2025 to license nationally regulated stablecoins under Vision 2030, but no detailed rules on issuance, reserve backing, redemption rights or audit have been published. The framework remains at policy-design stage and no stablecoin has been authorized in the Kingdom.

  Still pending: Stablecoin licensing rules (issuance, reserves, redemption, audit) not yet published

• Exchanges / VASP

  None

  There is no VASP or crypto-exchange licensing regime in Saudi Arabia. The 2018 Standing Committee declaration that virtual currencies are illegal remains in force, no crypto exchange has been authorized by SAMA or the CMA, and domestic banks are barred from facilitating crypto transactions.

• Token Offerings

  Partial

  Token offerings are regulated only to the extent the token qualifies as a security under existing capital-markets law. The CMA administers the FinTech Lab / regulatory sandbox for tokenized-securities models and is developing a digital-assets framework, but there is no dedicated crypto-ICO or general-purpose token-offering statute.

  Still pending: CMA developing digital-assets framework and dedicated crypto-token-offering statute

• Custody

  None

  There is no dedicated crypto-custody / qualified-custodian regime in Saudi Arabia. Custody of tokenized securities inside the CMA sandbox is handled under the CMA's existing securities-safekeeping rules; general crypto custody for retail users has no authorized domestic provider.

  Still pending: Crypto-custody and qualified-custodian regulatory regime not established

• DeFi

  None

  Saudi Arabia has no dedicated regulatory framework for decentralized finance. DeFi protocols and front-ends are neither authorized nor expressly recognized; to the extent activity is retail-facing to Saudi users it falls under the general prohibition on unauthorized virtual-currency activity, and there is no DAO or protocol-level rule set.

  Still pending: DeFi regulatory framework not established; protocols and front-ends not authorized

• Tax

  Partial

  There is no crypto-specific tax law. Because Saudi Arabia does not levy personal income tax on residents, individuals face no capital-gains tax on personal crypto disposals; corporate income tax (20%) / Zakat apply to business-derived crypto gains, and the standard 15% VAT applies to taxable service supplies (e.g., exchange fees). ZATCA has not published crypto-specific VAT guidance.

  Still pending: ZATCA crypto-specific VAT guidance not yet published

Key points: crypto & digital assets in Saudi Arabia

1. 01Baseline prohibition still in force

   A Standing Committee (including SAMA) declared in August 2018 that virtual currencies such as Bitcoin are illegal in the Kingdom and no parties are licensed for such activities; the 2019 MOF statement reiterated that virtual currencies are outside the regulatory framework and not recognized by any official entity. These warnings have not been rescinded.

   sama.gov.sa mof.gov.sa

2. 02Banks prohibited from crypto dealings

   SAMA-supervised banks are barred from processing cryptocurrency transactions absent explicit SAMA approval; no exchange has been licensed to offer VASP services to the public, and users typically rely on offshore platforms.

   sama.gov.sa blogs.loc.gov

3. 03CMA tokenization / security-token pathway

   The Capital Market Authority regulates tokenized instruments that qualify as securities under existing capital-markets law; the CMA FinTech Lab / regulatory sandbox admits tokenization business models, and in November 2025 REGA (Real Estate General Authority) completed the Kingdom's first supervised tokenized title-deed transaction under CMA-linked rules.

   cma.gov.sa sauditokenisation.com

4. 04Stablecoin framework announced (late 2025) but not yet in force

   In late 2025 senior Saudi officials announced a joint SAMA–CMA program to license nationally regulated stablecoins as part of Vision 2030; detailed rules on issuance, reserves, redemption and audit have not yet been published, leaving the initiative at the policy-design stage.

   english.alarabiya.net sharikatmubasher.com

5. 05CBDC / wholesale digital-currency work at SAMA

   SAMA continues its central-bank digital currency work (building on the earlier Aber joint pilot with the UAE central bank) and has been testing wholesale CBDC use cases with plans for further pilots for domestic use.

   sama.gov.sa blogs.loc.gov

6. 06Tax treatment relies on general rules, not crypto-specific law

   There is no personal income tax on Saudi nationals, so individuals face no capital-gains levy on personal crypto disposals; corporate income tax (20%) and Zakat still apply to crypto-related business profits, and ZATCA's standard 15% VAT applies to taxable supplies of services (e.g., exchange fees). ZATCA has not issued crypto-specific VAT guidance.

   zatca.gov.sa zatca.gov.sa

Timeline of decisions

1. 6 Nov 2025Decision
   Global Crypto Exchanges Publicly Back Saudi Arabia's National Stablecoin Plans

   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.

   Al Arabiya English

2. 5 Jun 2024Decision · official
   Saudi Arabia Joins BIS mBridge as Full Participant at Minimum Viable Product Stage

   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.

   BIS Innovation Hub

3. 29 Nov 2020Guidance · official
   Project Aber Final Report: Bilateral Wholesale CBDC Confirmed Technically Viable

   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 (Saudi Central Bank)

4. 21 Aug 2019Guidance · official
   SAMA Publishes Ministry of Finance Warning: Virtual Currencies Not Recognised, Associated with Fraud

   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.

   SAMA (Saudi Central Bank)

5. 1 Jan 2019Decision · official
   Project Aber Launched: SAMA and CBUAE Begin World-First Bilateral Wholesale CBDC Pilot

   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.

   Central Bank of the UAE (CBUAE)

6. 1 Jan 2017Guidance
   SAMA Issues First Public Warning Against Cryptocurrency Trading

   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.

   Hammad & Al-Mehdar Law Firm (citing SAMA record)

Sources

1. 1.sama.gov.sa/en-US/News/pages/news21082019.aspx
2. 2.mof.gov.sa/en/MediaCenter/news/Pages/News_20082019.aspx
3. 3.cma.gov.sa/en/Pages/default.aspx
4. 4.zatca.gov.sa/en/Pages/default.aspx
5. 5.blogs.loc.gov/law/2025/01/falqs-regulation-of-cryptocurrencies-in-the-gulf-cooperat
6. 6.english.alarabiya.net/News/saudi-arabia/2025/11/06/global-crypto-exchanges-back-saudi-arabi
7. 7.sauditokenisation.com/cma-framework/
8. 8.sharikatmubasher.com/media-hub/experts-thoughts/18118?lang=en
9. 9.zatca.gov.sa/en/RulesRegulations/VAT/Pages/default.aspx