Saudi Arabian crypto
Last Updated on November 9, 2023 by newseditor
The performance of the Saudi Arabian crypto industry has been impressive in recent years. This trend is largely due to the Kingdom’s strategic efforts. Last year, Saudi Arabia announced that it intends to optimize its crypto potential and secure a future of crypto through investment. So far, the Kingdom has invested heavily in blockchain technology and cryptocurrencies. In 2020, the Saudi Arabian Monetary Authority also announced that it used blockchain technology to deposit a $13 billion liquidity package to the banking sector.
Currently, the Middle East and North Africa (MENA) region is the fastest-growing crypto market. However, Saudi Arabia is not lacking. According to a 2022 survey, about 14 percent of Saudi Arabian adults own crypto. This figure shows that crypto investment is growing rapidly across Saudi Arabia. Many of these trends have been depicted in reports. As a crypto enthusiast or a crypto business owner, you need to constantly keep up with authoritative reports on the Saudi Arabian crypto market. This will keep you up-to-date on current events and help you make informed speculations on future market trends.
Saudi Crypto Reports You Should Read in 2024
- Chainalysis Crypto Report: While the Chainalysis report is not specific to Saudi Arabia, it gives you a comprehensive insight into market trends across the globe and within the Middle East. This insight can prove useful because most of the crypto market trends that occur outside Saudi Arabia ultimately have a spillover in the Kingdom’s market. Every year, Chainalysis releases its Geography of Cryptocurrency report which gives full details on the crypto market throughout the year. It also gives authoritative and logical predictions on possible market outcomes in the future. You can download last year’s report here.
- Cointelegraph Report Terminal: Cointelegraph is one of the world’s most popular crypto news outlets. Its Report Terminal features numerous verified news articles within your preferred region or country. You can utilize the Report Terminal by streamlining reports to the Saudi Arabian crypto market. This serves as a reliable source of crypto-related news that will guide your investment or business decisions.
- Kucoin’s Report: Last year, Kucoin released its “Into the Cryptoverse” report. The report detailed the rate of crypto adoption and usage in Saudi Arabia. According to the result, about 3 million Saudi Arabians are crypto holders. If you intend to set up a crypto business or invest in a crypto company, it can be helpful to read the report to understand possible usage movements in the coming years.
Reliable and verifiable data can help you make key decisions as an investor or business owner in the crypto ecosystem. Thus, you must be intentional about the content you consume. Most importantly, ensure your news sources are authoritative and accurate.