Detailed overview
Saudi Arabia at a glance
Saudi Arabia's fintech market has expanded significantly under Vision 2030 and the Financial Sector Development Program, but the Kingdom's regulatory stance on retail crypto has remained cautious. SAMA and the CMA have repeatedly warned that virtual currencies such as Bitcoin are not approved as legal tender and are not licensed for retail trading. In 2018, the Standing Committee for Awareness on Dealing in Unauthorized Securities (with members from SAMA, the CMA and the Ministry of Finance) issued a formal statement that virtual currencies are illegal in the Kingdom and that no parties are licensed for such practices. The Ministry of Finance reinforced this in 2019.
In parallel, Saudi Arabia has invested heavily in central bank digital currency (CBDC) and blockchain pilots – including Project Aber (a joint CBDC project with the UAE Central Bank initiated in 2019) and participation in the Bank for International Settlements' mBridge multi-CBDC initiative (joined in 2024). In late 2025, Minister Majed Al-Hogail announced plans to develop nationally regulated stablecoins under joint SAMA and CMA oversight. Detailed rules on licensing, reserve backing and consumer protection are yet to be published.
Last verified: May 2026. Reference rate: SAR 3.75 = USD 1 (pegged to USD).
Saudi Arabia is not currently a retail crypto-licensing jurisdiction. The active SAMA route is payments and e-money. Stablecoins under SAMA/CMA framework are forthcoming.
Is there a crypto licence in Saudi Arabia?
No retail VASP licence is currently available. Retail crypto trading is treated as prohibited; banks are not permitted to engage in crypto transactions unless SAMA grants express approval. Sandbox authorisations and CBDC pilots are the only sanctioned pathways.
The legal position has been consistent since the 2018 Standing Committee statement: virtual currencies such as Bitcoin are not approved as official currency in the Kingdom, and no parties are licensed to conduct retail crypto intermediation. The Ministry of Finance issued a corroborating warning in 2019, and SAMA banks have been instructed not to support onshore crypto exchange or payment functionality without explicit SAMA approval. There is no dedicated VASP framework for retail crypto trading, custody, broking or exchange.
For cross-border models, the relevant analysis is perimeter-driven rather than crypto-specific:
- Payments perimeter: under the Law of Payments and Payment Services (LPPS), operating a payment system or providing regulated payment services in the Kingdom requires SAMA authorisation. The definition of "payment services" is function-based rather than technology-based — a digital-asset wrapper does not displace the underlying regulatory character of fiat transfer, safeguarding or execution.
- Capital markets perimeter: tokenised securities, security token offerings and tokenised investment funds fall within the CMA's perimeter under the Capital Market Law. The CMA's 2025 consultation on offshore securities business licences signals movement toward token-fund and regulated-exchange structures.
- Marketing / "holding out" hooks: Saudi payment regulations contain express extraterritorial hooks. Marketing, inducement, or holding out to users in the Kingdom may trigger regulatory scrutiny even where core functions are performed offshore.
- AML/CFT: any Saudi-facing fiat rails engage AML and sanctions compliance obligations under the AML and CFT Laws.
SAMA Regulatory Sandbox Authorisation
Best for fintech and blockchain innovators wanting a sanctioned, limited live-environment test.
What it is: Temporary, limited-scope authorisation issued by SAMA to test new fintech, payments and blockchain-based solutions in a controlled environment.
Who it suits: Fintech firms, remittance platforms, tokenised trade finance projects and Sharia-compliant blockchain platforms ready to undergo full SAMA scrutiny in exchange for a constrained pilot.
Covers: Test cases under SAMA discretion. Sandbox members must conduct full customer due diligence, submit Suspicious Transaction Reports, and integrate Saudi-specific digital identity systems.
Operational requirement: Tight limits on the number of users, transaction volumes and pilot duration (typically 6–12 months). Sandbox graduation does not automatically lead to a full licence; SAMA retains supervisory discretion.
Headline figures
- Pilot duration: typically 6–12 months
- Users / volumes: capped at SAMA discretion
- Onward licensing: subject to SAMA assessment
CBDC and Stablecoin Pathways
Best for institutional and government-aligned projects.
Project Aber (2019): joint CBDC project between SAMA and the UAE Central Bank to test cross-border interbank settlement on a blockchain. Among the first state-to-state CBDC initiatives globally.
mBridge (joined 2024): SAMA joined the BIS mBridge multi-CBDC initiative; the project has reached minimum viable product stage, focused on commercial-bank cross-border payments.
Stablecoin framework (announced late 2025): Minister Al-Hogail announced plans to develop nationally regulated stablecoins under SAMA and CMA oversight, in line with Vision 2030. Licensing, reserve backing and consumer protection rules are pending publication; the project is at policy-design stage.
Is there a payments licence in Saudi Arabia?
Yes. SAMA licenses Payment Service Providers under the Implementing Regulations of the Law of Payments and Payment Services. Four licence categories cover the spectrum.
The Law of Payments and Payment Services (LPPS) and its Implementing Regulations are the primary statutory framework, supplemented by SAMA's Guidelines to Apply for Payment Services Providers License. Eligible legal entities include limited liability companies (LLCs), joint-stock companies and simplified joint-stock companies registered in Saudi Arabia, with a commercial register from the Ministry of Commerce or a foreign investment licence from the Ministry of Investment (MISA).
Major Payment Institution (SAMA)
Best for full-scope payment service providers with unlimited transaction volumes.
What it is: SAMA licence under the Implementing Regulations of the LPPS authorising the full scope of regulated payment services without monthly transaction caps.
Who it suits: Established payment service providers, acquirers, remittance operators and merchant settlement businesses serving the Saudi market.
Covers: Defined payment services under the LPPS, including payment account services, payment instrument issuance, money remittance and acquiring.
Operational requirement: Saudi-incorporated entity (LLC, JSC or simplified JSC). Irrevocable bank guarantee from a SAMA-licensed Saudi bank equivalent to the minimum capital. AML/CFT and KYC framework. Compliance officer based in Saudi Arabia. Data protection, governance and risk management framework per SAMA requirements. Sharia-principle alignment where relevant.
Headline figures
- Minimum paid-up capital: SAR 5 million (about USD 1.33 million)
- Irrevocable bank guarantee: equivalent to minimum capital, from a Saudi-licensed bank
- Working capital: ongoing maintenance of minimum capital amount required
Micro Payment Institution (SAMA)
Best for early-stage payment providers within transaction-value caps.
What it is: SAMA licence for limited-scope payment services subject to a cap on Average Monthly Payment Transaction Value.
Who it suits: Early-stage Saudi-incorporated PSPs with constrained volumes, transitioning toward Major PI scale.
Covers: Defined payment services under the LPPS within the AMPTV cap during the first 12 months of operations.
Headline figures
- Average Monthly Payment Transaction Value cap (first 12 months): SAR 10 million (about USD 2.67 million)
- Minimum paid-up capital: lower than Major PI (set per SAMA Implementing Regulations by activity)
- Excludes: any other excepted payment services beyond the licensed scope
Major Electronic Money Institution (Major EMI) (SAMA)
Best for digital wallets and full-scope e-money issuance.
What it is: SAMA licence under the LPPS Implementing Regulations for full-scope e-money issuance, including e-wallets.
Who it suits: Digital wallet operators, prepaid programmes and open-loop e-money issuers. STCPay was the first Saudi-licensed Major EMI (originally licensed at sandbox stage in 2020).
Covers: Issuance, redemption and distribution of electronic money, including e-wallet operations.
Operational requirement: Saudi-incorporated entity. Irrevocable bank guarantee. AML/CFT framework. SAMA governance and risk management standards.
Headline figures
- Minimum paid-up capital: SAR 5 million (about USD 1.33 million)
- Irrevocable bank guarantee: equivalent to minimum capital
Micro Electronic Money Institution (Micro EMI) (SAMA)
Best for early-stage e-wallet operators.
What it is: SAMA licence for limited-scope e-money issuance with reduced capital and lower transaction thresholds.
Who it suits: Early-stage e-wallet operators within volume caps.
Covers: E-money issuance within Micro EMI parameters set by the LPPS Implementing Regulations.
Headline figures
- Minimum paid-up capital: lower than Major EMI (set per SAMA Implementing Regulations)
- Volume caps: at SAMA discretion per Implementing Regulations
Is there a gambling licence in Saudi Arabia?
No. Gambling in any form (online and land-based) is prohibited in Saudi Arabia under Sharia.
There is no licensing route for casinos, sports betting, lotteries, slot machines, online gambling, online betting or any other form of gambling. The prohibition is rooted in Sharia (Islamic law), which characterises gambling (maysir) as expressly forbidden. The criminal law treats gambling activities as offences. Promotion or facilitation of gambling – whether by operators, advertisers or payment service providers – is prohibited. Payment service providers licensed in Saudi Arabia must not facilitate gambling-related transactions.
No public-policy reform of this position is currently under consideration. Operators planning Saudi exposure for any gambling product should treat the Kingdom as a fully closed market.
CMA Capital Markets Pathways (tokenised products)
Best for tokenised funds, debt instruments and crowdfunding platforms.
What it is: CMA-regulated activities under the Capital Market Law, including: equity crowdfunding platforms, robo-advisory services, platforms facilitating the issuance and trading of debt instruments, social trading platforms, digital fund distribution platforms, and (proposed) offshore securities business licences for tokenised funds (consultation 2025).
Who it suits: Asset managers, crowdfunding platforms and tokenisation projects whose offerings have securities characteristics.
Covers: Securities-related crypto and tokenisation activity, treated under the existing capital markets framework rather than as a standalone VASP regime.
Operational requirement: CMA licensing under the Capital Market Law. Compliance with the Regulated Activities Related to Providing Financing Through Crowdfunding Platforms regulation for crowdfunding-style models.
Costs and timelines at a glance
- Retail crypto VASP licence: not available
- SAMA Sandbox authorisation: typically 6–12 months pilot, capped users and volumes
- Major Payment Institution minimum capital: SAR 5 million (about USD 1.33 million)
- Major Electronic Money Institution minimum capital: SAR 5 million (about USD 1.33 million)
- Micro PI Average Monthly Payment Transaction Value cap (12 months): SAR 10 million (about USD 2.67 million)
- LLC minimum paid-up share capital (legacy PSP route): SAR 1 million (about USD 267,000)
- Irrevocable bank guarantee: equivalent to minimum capital, from a Saudi-licensed bank
- Compliance officer: Saudi-resident, dedicated function
- Gambling licence: not available — fully prohibited under Sharia
- CBDC initiatives: Project Aber (with UAE), mBridge (BIS multi-CBDC)
- Stablecoin framework: announced late 2025, rules pending
- Bank crypto transactions: prohibited absent explicit SAMA approval
Who Saudi Arabia suits and who it does not
Suitable for
- Payment service providers, e-money issuers, acquirers and remittance operators willing to incorporate in Saudi Arabia (LLC/JSC), fund SAR 5 million capital and provide irrevocable bank guarantees
- Fintech innovators wanting a sanctioned SAMA Sandbox pilot for remittance, tokenised trade finance or Sharia-compliant blockchain platforms
- Institutional projects aligned with CBDC and government-supervised stablecoin initiatives (Project Aber, mBridge, the late-2025 stablecoin framework once published)
- Tokenisation projects whose products have securities characteristics and can fit within the CMA's capital markets framework (or the proposed 2025 offshore securities business licence framework)
- Crowdfunding platforms operating under the CMA's Regulated Activities Related to Providing Financing Through Crowdfunding Platforms regulation
- Investment and remittance firms willing to operate to Sharia principles
Not suitable for
- Crypto exchanges, custodians, brokers and OTC desks targeting retail Saudi customers — no retail VASP regime exists and the 2018 Standing Committee position remains in force
- Any operator marketing or "holding out" crypto services to Saudi users from offshore — extraterritorial regulatory hooks apply
- Crypto miners — ASIC imports and conversion of mined coins to riyal are treated as contrary to the 2018 decree; equipment may be seized at customs
- Merchants accepting crypto for goods or services in Saudi Arabia — onshore crypto payments are not permitted
- Operators relying on Saudi banks for crypto-related fiat flows — banks are prohibited from supporting crypto transactions absent SAMA approval
- Casino, sports betting, lottery, slot machine or online gambling operators — gambling is fully prohibited under Sharia, with no licensing route
- Operators wanting tax-driven structuring through Saudi Arabia for crypto businesses — the active tax incentives in Saudi Arabia attach to the broader Vision 2030 fintech ecosystem, not retail crypto trading