The oil-rich country of Saudi Arabia has appointed Mohsen AlZahrani to head its cryptocurrency program as it looks to other nations’ initiatives to offer legislative clarity to the sector.
According to his LinkedIn page, AlZahrani, a former managing director of Accenture, took over as head of virtual assets and central bank digital currency (CBDC) in July. Ziad Al Yousef, the central bank’s vice governor for development and technology, is the person he reports to.
AlZahrani had previously worked for SAMA. According to his LinkedIn page, he was previously the director of the central bank’s innovation center, where he oversaw all blockchain and CBDC projects for over four years, from March 2015 to October 2018. Together with the central bank of the UAE, the Saudi central bank is working on the Aber CBDC project.
Saudi Arabia is one of the most popular countries for crypto trading, according to a poll conducted by the cryptocurrency exchange KuCoin in May, despite earlier SAMA warnings against trading crypto assets because they are not regulated by the government. In Saudi Arabia, roughly 3 million people, or 14% of the population between the ages of 18 and 60, either presently possess cryptocurrencies or have traded in the past six months.
Saudi Arabia collaborating with some of crypto companies to develop laws
According to the article, Binance and other companies have increased the size of their Saudi teams in preparation for possible regulatory easing.
The goal of Saudi Arabia is to elevate its capital city, Riyadh, to the position of premier corporate hub in the Gulf. Currently, Dubai is regarded as the financial center of the region. The Dubai Virtual Assets Regulatory Authority (VARA) was recently founded in Dubai, and it introduced a regulatory framework that reflects the city’s ambition to become one of the leading jurisdictions for cryptocurrency entrepreneurs.
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