Riyadh, Saudi Arabia – Saudi Arabia Central Bank (SAMA) has appointed Mohsen AlZahrani, a former managing director at consultancy Accenture, as the head of its virtual assets and digital currency program, local media said.
Until now, Saudi had shown a circumspect approach on virtual assets, as officials questioned the speculative nature of them.
However, with the emergence of UAE as a global crypto hub, Saudi has displayed an urgency to draft formal rules pertaining to the asset class, the reports said.
The appointment of AlZahrani is a step towards enhancement of Saudi’s potential crypto ambitions.
He is a part of the team in Riyadh that’s engaging with some of the world’s biggest crypto firms on future regulations.
Saudi Arabia has been persuading companies to boost their presence in Riyadh as part of Crown Prince Mohammed bin Salman’s plans to turn the capital city into a global hub.
The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in the region.
Some of the industry’s biggest firms, including Binance Holding Ltd, have strengthened their Saudi offices.
Riyadh had barred banks from processing transactions involving cryptocurrencies in 2018, though workarounds exist to trade.
In the last few months, local financial firms restated the restrictions in correspondence with customers, the reports said. Saudi Arabia has been collaborating for many years with the UAE on a potential joint digital currency.