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Nearly 3 million Saudi residents have made crypto investments

Nearly 3 million Saudi residents have made crypto investments

KuCoin study shows the country has a favorable regulatory environment and growing interest in digital assets among the population.

According to crypto exchange KuCoin, about 3 million residents of Saudi Arabia (14% of the adult population) invested in cryptocurrency or traded it for 6 months. Another 3.6 million (17%) people plan to invest in digital assets soon.

According to the report, Saudi Arabia has a high proportion of new market entrants, with 76% of crypto investors having less than a year of experience with digital money. 51% of the surveyed investors believe it is the future of finance, while 44% think cryptocurrencies can bring higher returns in the long term than 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 out on the trend. In contrast, women tend to focus on real benefits - 48% of female crypto-investors are motivated by profitability in the long term, and 42% of women invest in cryptocurrency for passive income.

Although Saudi Arabia hasn't yet issued any official regulations related to cryptocurrencies, the government has taken a favorable line on digital assets and blockchain technology. At the same time, the neighboring Arab Emirates plans to attract more cryptocurrency companies to the country by granting them special licenses.

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Sergeifocusnik about @Kravox
I wonder how many of them have already lost their money in fraudulent projects?