Saudi Arabia has recorded a high level of cryptocurrency adoption and penetration, according to a recent survey by KuCoin. The survey shows that the country now ranks as one of the largest hubs for cryptocurrency trading.
Crypto adoption in Saudi Arabia
The level of crypto adoption in the Middle East and North Africa (MENA) region has grown tremendously. A KuCoin survey showed that in Saudi Arabia, 14% of the adult population aged between 18 and 60 years have invested in cryptocurrencies or have traded crypto assets within the past six months.
17% of the survey respondents also said they were curious about the cryptocurrency space and were likely to invest in these assets within the next six months. Investors in the country were also optimistic about the growth of the sector. During the first quarter of the year, 49% of crypto investors said they would increase their portfolios within the next six months.
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As the bear market prolonged during Q2 2022, crypto investors in the country became more conservative. 31% of investors said they would maintain their current crypto balances rather than increase their positions. During the bear market, the survey revealed that some investors had sold off part of their crypto holdings.
Saudi Arabia also has a very high number of new cryptocurrency investors. 76% of the crypto investors in the country have less than one year of experience. 49% of the respondents also said they entered the crypto space during the past six months. 50% of the cryptocurrency investors in the country have bought crypto assets using fiat currencies, and they spot trade cryptocurrencies every month.
Crypto regulations in Saudi Arabia
Besides individual investing, cryptocurrencies have also attracted businesses in Saudi Arabia. Saudi Aramco, an oil company based in Saudi Arabia, triggered excitement across the crypto markets after announcing an investment of $5 million in Vakt, an oil trading company. It was also reported that the oil company would also start mining Bitcoin.
Saudi Arabia has yet to release the official regulations on crypto assets, but the government has shown a positive stance toward the sector. In 2019, a joint statement was issued by the United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) about launching a cryptocurrency known as Aber. Aber is a cryptocurrency that would facilitate trades between the UAE and Saudi Arabia, and it would be backed by the fiat currencies of the two countries.
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