KuCoin Research Finds Middle Eastern Country Has a Favorable Regulatory Environment and Growing Interest in Digital Assets Among the Population
About 3 million Saudis (14% of the adult population) invested in or traded cryptocurrencies in the 6 months leading up to the KuCoin survey. Another 3.6 million (17%) people plan to invest in digital assets in the near future.
Saudi Arabia has a high share of new market entrants, with 76% of crypto investors having less than one year of digital money experience, the report says. 51% of those surveyed invest because they believe it is the future of finance, while 44% think that cryptocurrencies can bring higher returns in the long run compared to traditional financial products.
63% of crypto investors are men. The researchers noted a slight difference in the mentality of men and women: 44% of male investors say they do not want to miss the trend. Women, on the other hand, tend to focus on real benefits – 48% of female crypto investors are motivated by long-term profitability, and 42% of women invest in cryptocurrencies for passive income.
Social media is the most popular source of information, accessed by 84% of crypto investors in Saudi Arabia. Another 35% rely on online communities or Telegram. 32% of investors prefer to consult with their families and friends.
Crypto investors under the age of 30 make up at least a third of the total number of those invested in digital assets. The study notes that the country’s high percentage of progressive youth is a valuable resource. This contributes to a positive attitude towards blockchain-based technologies and promotes their adoption.
Although Saudi Arabia has yet to release any official regulations regarding cryptocurrencies, the government has taken a favorable stance towards digital assets and blockchain technology. At the same time, neighboring Arab Emirates plan to attract more crypto companies to the country by issuing special licenses to them.
About KuCoin
KuCoin, which was founded in September 2017, is a global cryptocurrency exchange with its operational headquarters in Seychelles. It offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 18 million users in 207 countries and regions as a user-oriented platform with a focus on inclusiveness and community action reach.
In 2022, KuCoin raised more than $150 million in pre-Series B investments, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. According to CoinMarketCap, KuCoin is currently one of the top five cryptocurrency exchanges. KuCoin was also named by Forbes as one of the Best Crypto Exchanges in 2021. The Ascent named KuCoin the Best Crypto App for Enthusiasts in 2022.