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Saudi Arabia's banking regulator recently appointed a new leader for its virtual assets and central bank digital currency program.
Saudi Arabia has been cautious about using virtual assets, with officials raising concerns about their speculative nature. People familiar with the matter said that the emergence of the United Arab Emirates as a globalCrypto hub has created some urgent need for more formal rules for the asset class.
The people asked not to be identified because the matter is private. They said that they are part of a team in Riyadh that is engaging with some of the world's biggestcryptocurrencies.
Representatives for SAMA didn't reply to questions.
Saudi Arabia wants firms to increase their presence in Riyadh in order to make it a global hub. It posed a challenge to the business hub of the Gulf.
The kingdom is the largest economy in the Middle East and it's a key market for any firm in the region. If the current restrictions on Saudi Arabia are loosened, some of the industry's biggest players plan to open a Saudi office.
Saudi Arabia banned banks from processing transactions involving cryptocurrencies. People familiar with the matter said that local financial firms continued to restrict correspondence with customers.
The Saudi government has been working with the United Arab Emirates on a joint digital currency.
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