The Legal Regulations of Digital Currencies in Saudi Law (Cryptocurrencies as Model) (Descriptive and Analytical Study)

Authors

Dr. Hussin Naser Agil Al-ibrahim

 

Abstract

This study examines the legal and regulatory matters of adopting digital banking, cryptocurrencies, and fintech services in Saudi Arabia. The research problem focuses on the evolving legal landscape and the need for clear regulatory regulations to manage these financial innovations to ensure consumer protection, security, and economic growth. A qualitative methodology is utilized based on the analysis of legislative documents, regulatory instructions from the Saudi Central Bank (SAMA), and comparative models of global financial markets. The primary findings indicate that while Saudi Arabia has taken significant strides in the adoption of fintech, regulatory uncertainty continues to remain a stumbling block for its broader application, particularly for legalizing cryptocurrency and establishing comprehensive data protection regulations. The practical significance of this research highlights the need to refine regulatory systems for encouraging fintech innovation while protecting financial stability, investor confidence, and adherence to Vision 2030 goals.