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Saudi arabia crypto regulation rank. Kingdom of saudi arabia regulators issued a statement this week through its monetary authority. Right now, the results are being evaluated by the sama. The saudi arabian monetary agency (sama) has issued a warning against bitcoin because it is not being monitored or supported by any legitimate financial authority. The kingdom of saudi arabia's (المملكة العربية السعودية) stance on bitcoin and cryptocurrencies, stated through its monetary authority, the saudi arabian monetary authority (sama), is that cryptocurrencies are not supported within the kingdom, and dealing with it is risky.
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Several other nations in the region have banned it at an institutional.
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In october 2017, sama announced that it will implement a pilot project to issue a local digital currency (riyal) that will only be used in transactions among banks.
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