In Saudi Arabia, the use of cryptocurrency is seeing a meteoric rise in popularity
According to a KuCoin survey, as of May 2022, around 3 million Saudi Arabians, or 14 percent of the adult population aged 18 to 60, have become crypto investors who either presently hold cryptocurrencies or have traded in the previous six months.
Another 17% of individuals are crypto-curious and want to invest in cryptocurrencies in the next six months, according to the survey.
Saudi Arabia is a significant market for digital currencies due to its high level of penetration and acceptance, showcasing the potential for growth in the Middle East and North (MENA) area.
76 percent of Saudi Arabia’s crypto investors have less than a year of experience in crypto investing, which is sort of unusual.
A shift in investor mood occurred in the first quarter of 2022 when the bear market began to take hold. In Saudi Arabia, 42 percent of crypto investors want to better their families’ living standards with their investments. Over a quarter (28 percent) want to put the money back into the market.
In the second quarter of 2022, when the market turns negative, 42% of cryptocurrency investors will be using auto-trading solutions like trading bots. The crypto industry in Saudi Arabia is being opened up to new opportunities and services because of the country’s distinct culture and philosophy.
Crypto Regulation in Saudi Arabia
Although the Kingdom of Saudi Arabia has not yet made any official legislation regarding cryptocurrencies available, the administration seems to have adopted a positive posture toward digital assets and blockchain technology.
A digital currency named Aber was jointly unveiled in 2019 by the Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the United Arab Emirates (UAECB). The fiat currencies of the two nations will be used as backing for the cryptocurrency, which would be utilized for making payments across the border between the two countries.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
