Saudi Arabia’s crypto market to nearly double by 2034

IMARC Group projects Saudi Arabia’s cryptocurrency market will grow at a compound annual growth rate of 7.51% between 2026 and 2034, increasing from $24.9 billion at the end of 2025 to $47.8 billion by 2034.

Vision 2030, the economic diversification plan launched in 2016 by Crown Prince Mohammed bin Salman, is listed in the report as a key policy framework shaping the market. The government has supported a range of blockchain initiatives and measures to encourage cashless payments. Those steps have attracted crypto firms and startups to establish operations in the kingdom, and some financial institutions have begun exploring digital-asset exposure and blockchain use cases within their portfolios.

Regulatory and infrastructure developments cited in the report include the Saudi Arabian Monetary Authority’s participation in the mBridge project in June 2024, a multiple-CBDC initiative involving the UAE, Thailand and China. The project aims to enable near-instant settlement of cross-border payments on blockchain rails and could reduce reliance on U.S.-dollar-based systems for participating countries.

The IMARC report notes rising institutional participation and increased foreign investment in crypto projects. It highlights the growth of decentralized finance offerings and the adoption of blockchain applications beyond banking, especially in supply chain management. The report describes the environment for many startups as having relatively low regulatory barriers to scaling operations.

Demographics are another factor the report identifies. Government data show nearly 70% of Saudi citizens are under 35. The younger population shows higher rates of technology adoption and experiment with digital assets at greater rates than older cohorts. Vision 2030 includes support for online gaming and eSports, and play-to-earn models and in-game cryptocurrency transactions have grown in popularity among younger users.

The report lists government reforms, regional CBDC collaborations and expanded blockchain use cases in commerce and logistics as factors affecting the market forecast through 2034.