Analysts identify strong popularity of cryptocurrencies in Saudi Arabia

Nearly one in seven adult residents of Saudi Arabia has owned or traded cryptocurrency in the last six months, according to KuCoin researchers.

In the #Cryptoverse Report: Saudi Arabia 2022 🇸🇦

✨ 3 million Saudi Arabian adults have invested in #crypto

✨ 76% are fresh crypto investors who only started in the recent one year

✨ Saudis mainly invest in crypto for the long-term growth potential

Read the full report 👇

— KUCOIN (@kucoincom) July 13, 2022

In absolute terms, that amounts to roughly 3 million residents.

Seventy-six per cent of crypto investors have less than a year of experience in the sector, including 49 per cent who began taking their first practical steps no more than six months ago.

By age, 37% are under 30; by gender, the distribution is 63% men to 37% women.

Seventeen per cent of respondents said they intend to invest in digital assets over the next six months.

In Q1, 49% of crypto investors said they were prepared to increase allocations over the next six months. In Q2, almost a third said they would pause on this.

“The kingdom has a significant market in the MENA region with a favourable regulatory climate in the country, a large consumer base and growing interest in cryptocurrencies”, — KuCoin.

Earlier in 2019, ОАЭ и Саудовская Аравия объявили о сотрудничестве с целью создания цифровой валюты для трансграничных платежей.

In late November 2020, the parties said that the Aber CBDC released under the project demonstrated the technical feasibility of the concept.

Earlier in KuCoin подсчитали that in 2021 the number of crypto transactions in Africa grew fifteenfold.

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