Regulator: Saudi Central Bank (SAMA); Capital Markets Authority (CMA)
Saudi Arabia has no live, proposed, or drafted framework governing the issuance of stablecoins. The operative position remains the 2018 Standing Committee declaration that virtual currencies are not approved and no parties are licensed, reinforced by warnings and exclusion of virtual assets from the e-money regime. Late-2025 statements signal intent to develop a SAMA-CMA framework under Vision 2030, but no rulebook has been published. The Saudi Central Bank (SAMA) has run a regulatory sandbox allowing limited digital asset and fintech experimentation, including stablecoin pilots. However, retail trading and issuance outside approved frameworks remain restricted. Saudi Arabia’s Minister of Municipal, Rural Affairs and Housing Majed al-Hogail announced that the government, in partnership with Capital Market Authority and the Central Bank, are looking into launching stablecoins.
