Saudi Arabia has been recognized as the fastest-growing crypto economy in the Middle East and North Africa (MENA) for the second consecutive year, achieving a remarkable 154% year-over-year growth rate, surpassing the UAE. This growth is largely driven by the country's youthful population, with 63% of citizens under 30, who are more receptive to new financial technologies. Unlike many regional counterparts, Saudi Arabia and Qatar's crypto landscape is primarily fueled by decentralized finance (DeFi) platforms due to limited regulations for virtual asset service providers. While institutional and professional investors dominate the market, with over 93% of transactions exceeding $10,000, the total on-chain value in MENA stands at $338.7 billion, accounting for only 7.5% of the global market, reflecting Saudi Arabia's increasing influence in the crypto sector.

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$BITCOIN’s price tumbled below $63,000 yesterday, but the bulls seem back in control as they have pushed the asset toward $64,000 once again.

Dubai's Virtual Assets Regulatory Authority (VARA) has implemented new marketing guidelines to improve transparency in cryptocurrency investments, effective from October 1. These regulations require firms to prominently display risk disclaimers regarding the volatility of virtual assets. VARA's CEO, Matthew White, stated that the aim is to foster trust and accountability among virtual asset service providers, aligning with similar regulations in Belgium and Singapore. Additionally, companies must receive compliance confirmation from VARA when offering promotional incentives to prevent misleading claims about investment risks.

Bloomberg