Overall, there are approximately 3 million active cryptocurrency investors and another 3.6 million potential investors in the Kingdom of Saudi Arabia.
According to a KuCoin study, over 14% of adults in the largest state on the Arabian Peninsula are active crypto investors. That is approximately 3 million people. 76% of them have less than a year of experience in the field. Another 3.6 million, or 17% of adults, are actively interested in the crypto sector and are likely to buy their first digital assets within the next six months.
The study concluded the following:
- 51% see cryptocurrencies as the future of finance;
- 44% believe digital assets are more attractive to invest in over the long run compared to traditional financial instruments;
- 44% of male investors do not want to miss the trend; women are more practical — nearly half of them invest with the expectation of passive returns over the long term.
Overall, men account for 63% of crypto investors. Social networks are used as the primary information source about the crypto market by 84% of respondents. YouTube (57%) and Twitter (47%) are the most popular among them.
More than half of respondents purchase cryptocurrency for fiat and regularly engage in spot trading, which is considered halal in Islam. Staking, margin trading and futures trading are less popular for the same reasons.
About one-third of all digital asset owners in the country are under 30. Researchers emphasize the high percentage of progressive young people, which creates a favorable environment for crypto and blockchain adoption.
The country does not yet have a regulatory framework for the cryptocurrency market, but the Saudi authorities have tacitly taken a favorable stance toward digital assets and blockchain technology. The UAE, a neighboring country, is becoming a major hub for crypto business, with some emirates even developing their own metaverses, where government offices and hospitals have been opened.
