Country overview

#104

Saudi Arabia

Country stats

Rating Points

100

This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.

Crypto Penetration

1.6%

Estimated percentage of crypto users out of the country's total population based on public data.

Legal Entities

Number of crypto companies registered in the country based on regulator data if available or other types of public data.

Regulation Points

An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.

Amount of crypto users

574 400

Total amount of crypto users out of the country's total population based on public data.

Taxation points

This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.

Market volume points

139

A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.

Status of crypto

No info

General status of cryptocurrency regulation in this jurisdiction.

Crypto payments

Ban

The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.

Security Level

Minor danger

The overall level of security in a given country based on open data.

Crypto Salaries

Ban

The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.

Business Climate

No data

Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.

Stablecoin Regulation

No data

This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.

Bad Factors

This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.

Types of licenses

No licenses exist

Good

Medium

Bad

intro

Saudi Arabia is the largest (1) economy in the Middle East by GDP. Moreover, this is a conservative Muslim country that still has no crypto regulation and a ban on crypto operations with banks. The crypto exchange is still not regulated in the country. However, it can be provided through foreign online exchanges and P2P platforms. In addition, local crypto investors use the financial infrastructure of the United Arab Emirates for this purpose.

Saudi Arabia is doing a lot to liberalize its economy further and attract foreign investment and labor. One of the consequences of this policy will be lifting the ban on transactions with cryptocurrencies.

Security level

Saudi Arabia has a Minor danger security level according to our rating. Jurisdiction has 75.7 points (from 100) for safety level in Numbeo crime rating (2). The homicide level (3) is 0.8 per 100,000 inhabitants a year.

Crypto Payments

We need to get information about crypto payments and their regulation in Saudi Arabia. Please contact with us, if you have it.

Crypto Salaries

We do not have information about crypto salaries and their regulation in Saudi Arabia if you have it.

Legal

Saudi Arabian regulators stated in 2018 (4) that cryptocurrency trading is illegal in the kingdom due to “their negative consequences and high risks on the traders as they are out of government supervision.” At the same time, foreign crypto exchanges operate legally in Saudi Arabia.

The Saudi Central Bank (SAMA), which also acts as the kingdom’s national banking regulator, recently appointed(5) Mohsen AlZahrani to lead its virtual assets and central bank digital currency program. This hire potentially indicates a change in the country’s approach to cryptocurrencies, which regulators have tended to treat with suspicion.

Taxation

Tax name	Index
PIT tax Min	0
PIT tax Max	0
Corporate tax (CIT)	0
Min Individual CGT (for crypto)	0
Max Individual CGT (for crypto)	20
Wealth tax Min	0
Wealth tax Max	0

PIT

Saudi Arabia does not (6) impose any personal income tax.

CIT

Headline CIT rate is 20% by PWC(7).

CGT

Capital gains are subject(7) to the average tax rate applicable to the taxpayer. Non-resident capital gains tax rate is 20%.

Links

1)MENA region: Gross domestic product (GDP) 2022 by country. Article

2)Crime Index by Country 2023 Mid-Year

3)List of countries by intentional homicide rate

4)Is Saudi Arabia changing its approach to cryptocurrencies? Article

5)THE STANDING COMMITTEE FOR AWARENESS ON DEALING IN UNAUTHORIZED SECURITIES ACTIVITIES IN THE FOREIGN EXCHANGE MARKET (FOREX) WARNS: “THE VIRTUAL CURRENCIES ARE NOT REGULATED INSIDE THE KINGDOM OF SAUDI ARABIA. “ Article

6)Saudi Arabia Income Tax 2023: Income Tax Regulations in Saudi Arabia for Expats. Article

7) Overview. PWC

Articles

research

What Can Trump Change in US Crypto Regulation?

Review of republicans' approach to crypto regulation in the US and their next steps.

article

India: the Biggest Crypto Market Enables New Regulations Soon

Short review of current crypto regulation agenda in India

research

Crypto Entities Overview: UAE

United Arab Emirates is one of the most cryptofriendly jurisdictions in the world. In this research we set up all licensed crypto entities operating in the country

intro

Security level

Crypto Payments

We need to get information about crypto payments and their regulation in Saudi Arabia. Please contact with us, if you have it.

Crypto Salaries

We do not have information about crypto salaries and their regulation in Saudi Arabia if you have it.

Legal

Taxation

Tax name	Index
PIT tax Min	0
PIT tax Max	0
Corporate tax (CIT)	0
Min Individual CGT (for crypto)	0
Max Individual CGT (for crypto)	20
Wealth tax Min	0
Wealth tax Max	0

PIT

Saudi Arabia does not (6) impose any personal income tax.

CIT

Headline CIT rate is 20% by PWC(7).

CGT

Capital gains are subject(7) to the average tax rate applicable to the taxpayer. Non-resident capital gains tax rate is 20%.

Links

1)MENA region: Gross domestic product (GDP) 2022 by country. Article

2)Crime Index by Country 2023 Mid-Year

3)List of countries by intentional homicide rate

4)Is Saudi Arabia changing its approach to cryptocurrencies? Article

6)Saudi Arabia Income Tax 2023: Income Tax Regulations in Saudi Arabia for Expats. Article

7) Overview. PWC