As Saudi Arabia advances its Vision 2030 strategy for economic diversification, the kingdom is quietly emerging as a formidable force in the Middle East’s cryptocurrency landscape.
According to Chainalysis, Saudi Arabia recorded an impressive 153% year-over-year growth between July 2023 and June 2024, making it the fastest-growing crypto economy in the Middle East and North Africa.
01 Market Surge: Three Million Saudis Choose Crypto
Saudi Arabia’s cryptocurrency market is experiencing explosive growth. The Gulf nation not only boasts a large user base but also holds significant potential for further expansion.
Statistics show that by 2024, approximately 3 million Saudis—close to 15% of the country’s adult population—have owned or traded cryptocurrencies.
This figure stands out globally, highlighting the strong interest Saudis have in digital assets.
Even more striking is the surge in trading volume. In 2022, Saudi crypto trading volume skyrocketed by an astonishing 195%.
While exact figures for 2025 remain projections, the trend suggests annual trading volumes could reach several billion Saudi Riyals, driven by rising interest from both retail and institutional investors.
Young Saudis are especially receptive to cryptocurrencies. About 63% of the population is under 30, and this younger demographic is naturally inclined toward digital innovation.
With over 95% smartphone penetration and high internet usage, the conditions are ideal for widespread adoption of crypto.
02 Growth Drivers: Economic Frontiers Beyond Oil
Saudi Arabia’s thriving crypto economy is no accident; it’s the result of multiple factors, with alignment to the nation’s economic diversification goals being paramount.
For many Saudis, cryptocurrency isn’t just a speculative tool—it’s a way to diversify their investment portfolios and reduce reliance on traditional real estate and stock markets.
This shift reflects a broader pursuit of financial autonomy.
Stablecoins dominate Saudi crypto trading, accounting for about 65% of all transactions.
This data indicates that Saudi users value the technological advantages of crypto while prioritizing asset stability, especially amid global market volatility.
Large transfers drive most of Saudi Arabia’s crypto activity. Data shows that over 93% of crypto transfers exceed $10,000, signaling active institutional participation. The market has moved beyond pure retail speculation and is maturing rapidly.
On the regulatory front, Saudi Arabia has yet to introduce a comprehensive Virtual Asset Service Provider (VASP) framework but has shown a willingness to explore digital assets.
In 2022, the Saudi Central Bank (SAMA) appointed Mohsen Al Zahrani as "Crypto Lead," signaling its interest in integrating digital assets into the banking system.
03 Stablecoin Dominance: Crypto Payments Surpass Visa
In Saudi Arabia and the UAE, stablecoins have demonstrated remarkable potential, even surpassing traditional payment giants.
In 2024, global stablecoin transaction volume reached $27.6 trillion, eclipsing Visa’s $13 trillion payment volume by 7.7%.
This milestone underscores stablecoins’ dominance in digital finance.
Stablecoin growth is particularly pronounced in countries like Saudi Arabia and the UAE, with annual transaction growth hitting 12%.
In the UAE, stablecoins account for 51% of all crypto transactions, with inflows reaching $9.8 billion—a 55% increase over 2023.
Stablecoins have gained rapid traction in Saudi Arabia because they offer practical solutions, especially for cross-border payments, delivering greater efficiency and lower costs.
Stablecoin transaction fees can be as low as 0.1%, compared to 1% to 3% for traditional payment networks like Visa.
This cost advantage is especially attractive for Saudi Arabia’s large expatriate community, which makes up 88.5% of the population and relies heavily on cross-border remittances.
04 Real World Asset (RWA) Tokenization: Arbitrum’s Quiet Growth
Despite market volatility, the tokenization of real-world assets (RWA) continues to gain momentum on platforms like Arbitrum, showcasing the potential of crypto technology to integrate with the real economy.
On-chain data shared by Lendra reveals that Arbitrum has successfully tokenized 780 assets, with real-time RWA value exceeding $90,000.
This steadily growing risk-weighted asset base provides fundamental support for ARB, ensuring sustainable adoption even during periods of price weakness.
The ongoing expansion of tokenized value may ultimately influence market sentiment, suggesting that despite current technical headwinds, the ARB ecosystem is quietly growing.
05 Investment Strategies: Finding Opportunities in Volatile Markets
Take Arbitrum (ARB) as an example. The token recently hit a three-month low, trading around $0.24.
This scenario presents both challenges and opportunities.
ARB’s current price structure indicates it’s stuck in a major macro consolidation range, following a downward channel. All attempts to reclaim the mid-range near $0.28 have failed.
Over the past week, trading volume has dropped significantly. Historical data shows that when ARB enters a low-volume decline, the next major rebound often occurs near areas that previously absorbed liquidity.
For technical analysts, a break below $0.24 points to the next structural consolidation zone around $0.22, followed by a major liquidity cluster near $0.20.
To reverse this bearish trend, the price needs to climb to $0.27–$0.28, accompanied by rising volume.
Some analysts believe ARB is entering a compression phase with declining volatility—often a precursor to sharp expansion.
They’re watching for a recovery at $0.245, anticipating momentum could build from there. Their entry range is set at $0.23–$0.24, with a target of $0.29 and a stop-loss at $0.20.
06 Global Context: Trade Policy and Middle Eastern Capital Flows
Global events are also shaping Saudi Arabia’s crypto market. Recently, former US President Trump’s shift in tariff policy triggered market volatility that spilled over into the crypto sector.
Last week, risk-off sentiment dominated, sending Bitcoin down 7%.
As tariff policy shifted, equities rebounded sharply while oil prices dropped to a four-year low, signaling weak global demand.
Such global volatility increases uncertainty for oil-producing nations and trading hubs like Saudi Arabia.
Although the US isn’t a primary export market for Saudi Arabia or the UAE, weak oil prices and global economic instability can still impact their trade-driven ecosystems.
Against this backdrop, crypto may offer Saudi investors a hedging tool. If recession concerns intensify, Saudi investors could allocate 10% to 15% of their portfolios to digital assets, seeking uncorrelated returns.
There are signs of active Middle Eastern capital flows. Reports indicate a UAE sovereign wealth fund increased its Bitcoin holdings by 230%, now totaling $517 million.
07 Looking Ahead: The Path of Crypto Assets in Saudi Arabia
Looking forward, Saudi Arabia’s crypto market has vast room for growth. By 2025, the UAE is expected to have 3.78 million crypto users, and Saudi Arabia’s retail enthusiasm positions it as a pioneer in the space.
Seasoned traders often use stablecoins for exit channels, such as bank withdrawals, P2P trades, or OTC desks.
As Saudi Arabia continues to advance its Vision 2030 goals, crypto and blockchain technology are likely to play a pivotal role in the nation’s economic diversification.
Vision 2030 aims to reduce dependence on oil, targeting a digital economy valued at $133 billion by 2030.
Cryptocurrency aligns perfectly with this vision, offering Saudis new avenues for wealth creation beyond traditional industries.
With legacy financial giants like Goldman Sachs establishing offices in Riyadh, the line between traditional and crypto finance is blurring. This suggests Saudi Arabia may soon clarify its stance on exchanges and assets—potentially paving the way for platforms like Gate to operate more formally.
Outlook
On Gate, Saudi traders have access to a wide range of cryptocurrencies, including stablecoins, ARB, and various tokenized assets. As Saudi Arabia continues its push for economic diversification, crypto’s connection to the kingdom’s future will only grow stronger.
With its diverse asset offerings and ever-improving localized services, Gate is becoming the gateway for Saudi crypto traders to explore the world of digital assets.
