🇸🇦 Saudi Arabia Becomes the Hottest Crypto Market in the Middle East By ChainFabricNews

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Image source: Disruption Banking

In recent years, Saudi Arabia has quietly transformed into one of the fastest-growing crypto economies in the world. And now, it’s no longer quiet. A recent report by Chainalysis reveals that Saudi Arabia’s crypto adoption has skyrocketed—growing by over 150% in just one year. That’s faster than any other country in the Middle East and North Africa (MENA) region.

So, what’s really happening in the Kingdom? Let’s break it down in a way that makes sense.

💰 Billions in Crypto Flowing into Saudi Arabia

According to the data, between mid-2023 and mid-2024, Saudi Arabia received about $47 billion worth of cryptocurrency transactions. That’s a huge jump compared to the previous year. And it’s not just regular people trading small amounts. Big players—like institutions and professional traders—are also joining the game.

In fact:

  • Institutional transactions (above $10 million) went up by 236%

  • Mid-sized professional trades rose nearly 100%

  • Even retail-level trading is growing steadily

This tells us one thing clearly: Crypto isn’t just a trend here. It’s turning into a serious financial movement.

💹 What Are Saudis Investing In?

Surprisingly, Bitcoin isn’t the top pick in Saudi Arabia. Only about 16% of all crypto value comes from BTC. Instead, people are investing more in:

  • Stablecoins (like USDT or USDC), which are less volatile and more stable

  • Altcoins, the alternatives to Bitcoin with various utilities

This shows that Saudi investors are getting more mature in how they handle crypto—they want security but also growth potential.

📈 DeFi is Gaining Popularity

Another interesting trend is the rise of DeFi (Decentralized Finance). Around 30% of all crypto activity in Saudi is happening on decentralized platforms instead of traditional crypto exchanges. This means people are starting to use crypto not just for trading—but also for loans, staking, and other financial services that don’t need a bank.

👨‍💻 Why Is Crypto Booming in Saudi?

There are a few key reasons:

  1. Young, Tech-Savvy Population
    With most of the population under 30, Saudis are digital natives. They’re comfortable using apps and mobile wallets, and many are excited about exploring new ways to invest.

  2. Growing Institutional Interest
    Some big investors and companies are starting to see the long-term potential in crypto. That’s bringing more money and confidence into the market.

  3. Government Slowly Opening Up
    While crypto isn’t officially legal in Saudi Arabia yet, it’s not banned either. The central bank has started working on clear regulations, and many experts believe proper laws will be introduced soon. This could unlock even more growth.

🧠 What Saudi Crypto Users Are Saying

Many Saudis are already using crypto, even if the banking system doesn’t support it yet. Most of them rely on P2P (peer-to-peer) methods to buy and sell crypto safely. On forums like Reddit, users talk openly about how crypto is helping them save, invest, and earn outside traditional systems.

“Banks don’t allow crypto transactions, but we use P2P platforms. Just don’t mention ‘crypto’ in your transaction notes,” one Saudi user shared.

🔮 What’s Next?

Saudi Arabia is clearly on a path toward becoming a major crypto hub. The demand is there. The users are active. The investments are flowing. All that’s needed now is a proper legal framework—and that might be just around the corner.

If the government rolls out supportive crypto regulations, we could see even more explosive growth in the years ahead.

For now, Saudi Arabia’s crypto future looks incredibly promising—and the world is watching.

 

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