Saudi Arabia’s central banking has appointed Mohsen alZahrani, an Accenture executive, to lead its CBDC and crypto operations. Other Gulf countries, including Dubai, have also been trying to regulate crypto.
Saudi Arabia’s central banking (SAMA) has appointed Mohsen alZahrani as its chief crypto programme leader. This is in response to efforts by neighboring countries to provide regulatory clarity for the sector.
According to his LinkedIn profile, AlZahrani was a former Accenture managing Director. He became the central bank’s lead for virtual assets and digital currency (CBDC). According to Bloomberg Sunday’s report, he reports to Ziad al Yousef (central bank deputy governor for technology and development), according to people familiar with the matter.
AlZahrani is not the first time he has worked at SAMA. According to his LinkedIn profile, he was previously the director of the innovation center at the central bank, where he managed all blockchain and CBDC projects over nearly four years. The Saudi central bank collaborates with the UAE central bank on a joint CBDC project, Aber.
Kucoin survey shows crypto is very popular in Saudi Arabia
SAMA has warned against crypto assets being traded as they are not under government supervision. However, a KuCoin survey in May revealed that Saudi Arabia is the most popular nation for crypto trading. The survey found that around 3 million Saudis (or 14% of the country’s population) either own cryptocurrency or have traded in the past six months.
According to a Bloomberg report, Saudi Arabia is currently working with the largest crypto companies in the world to regulate cryptography. According to the Bloomberg report, Binance and other companies have increased their Saudi-based teams in order to tap the market in the event that regulations are relaxed.
Saudi Arabia plans to make Riyadh the top business hub in the Gulf region. Dubai is currently the region’s financial hub. Dubai recently created the Dubai Virtual Assets Regulatory Authority, (VARA), and provided a legal framework that reflects the city’s ambition to be a leading jurisdiction for crypto entrepreneurs.
