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Analysts projected the size of Saudi Arabia’s cryptocurrency market over the next eight years., 2026/04/14 17:15:39
Over the next eight years, the cryptocurrency market in Saudi Arabia is expected to double in size, growing at an average annual growth rate of 7.51%, according to the consulting firm IMARC Group. By the end of 2025, the market volume was projected to be $24.9 billion, potentially rising to $47.8 billion by 2034.
Analysts attributed this growth to the introduction of government initiatives supporting blockchain, an increase in financial literacy, investments in fintech companies, and the advancement of the digital economy. The rising interest among youth, individuals, and businesses in crypto trading and decentralized finance (DeFi) platforms is also contributing to the development of the local cryptocurrency market.
Currently, there are approximately 200 fintech companies operating in Saudi Arabia, and in 2023, around $1 billion was invested in local fintech startups, as reported by IMARC.
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IMARC has observed that corporate investors are increasingly participating in the cryptocurrency market in Saudi Arabia, acquiring digital assets for portfolio diversification. Fintech firms and banks are actively utilizing blockchain to enhance the speed and transparency of transactions. Even the Central Bank of Saudi Arabia joined the central banks of the UAE, China, Thailand, and Hong Kong in June 2024 as a participant in the mBridge project to test central bank digital currencies (CBDCs).
Another factor driving the growth of the cryptocurrency market in Saudi Arabia is the use of digital assets in gaming. As part of the Vision 2030 initiative, the government is investing in esports and online gaming, leading to a rise in popularity of play-to-earn models and in-game crypto transactions. Gamers are purchasing digital assets, trading collectibles, and engaging in decentralized ecosystems. Local gaming platforms are increasingly integrating blockchain solutions, promising secure storage and transfer of digital items, according to representatives from IMARC.
Analysts also listed the most popular cryptocurrencies in Saudi Arabia: BTC, ETH, BCH (Bitcoin Cash), XRP (Ripple), LTC (Litecoin), and DASH (Dashcoin). Researchers from IMARC noted that local retail and institutional investors view Bitcoin as an effective means of preserving value, while Ethereum is favored by technology-oriented investors due to the numerous decentralized applications (dApps) being developed on its blockchain.
Last year, Saudi Arabia launched a government blockchain platform called SettleMint based on Ethereum and Hyperledger Fabric for the tokenization of real estate assets. The project creators assured that SettleMint is compatible with government identification and payment systems: Absher and Nafath.
