Is crypto legal in Saudi Arabia?
Cryptocurrency is legal in Saudi Arabia, but subject to regulatory restrictions.
Western Asia · SA · 8 of 9 dimensions sourced
Saudi Arabia crypto policy at a glance
Stage of the central bank digital currency programme — research, pilot, or launched.
Whether crypto is legal, restricted, or banned for individuals and businesses.
“The virtual currencies are not regulated inside the kingdom of Saudi Arabia”
Whether the jurisdiction licenses crypto/VASP service providers.
“The Ministry of Finance (MOF) warns against dealing or investing in virtual currencies including cryptocurrencies as they are not recognized by legal entities in the kingdom. [They] are outside the scope of the regulatory framework and are not traded by financial institutions locally.”
Rules governing stablecoin and e-money-token issuance.
“Although no decision has been made regarding the introduction of CBDC in the Kingdom, it continues to focus on exploring the benefits and potential risks of implementing CBDC.”
How crypto gains are taxed and reported, including OECD CARF participation.
“لا تعد العملات الافتراضية من السلع أو الخدمات الخاضعة لضريبة القيمة المضافة عند تداولها بين الأفراد. ومع ذلك، فإن الأرباح المحققة من أنشطة تجارية باستخدام الأصول الافتراضية يمكن أن تخضع لزكاة أو لضريبة الدخل وفقاً للأحكام العامة متى توافرت شروط الخضوع.”
How decentralized finance (DeFi) is treated by regulators.
“The use, trading or holding of virtual currencies, including through anonymous or decentralised platforms, is not approved by SAMA and is considered a violation of the regulations in force in the Kingdom.”
Whether NFTs are addressed in regulation.
“Supplies of digital content and virtual items, including non-fungible tokens (NFTs), made electronically to customers in the Kingdom are subject to VAT where they meet the definition of electronic services.”
Policy toward crypto mining — permitted, restricted, or banned.
Intensity of regulatory enforcement actions against crypto firms.
“The Authority warns against dealing with unauthorized persons and entities and publishes warnings on its website.”
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