The Capital Markets Authority of Saudi Arabia (CMA) will soon submit a draft law on the regulation of the cryptocurrency. As CMA chairman Mohamed ElKuwaiz said in an interview with Business Insider, the prohibition of cryptocurrency is not included in the agency's plans.
Not unlike most other markets, the regulators in Saudi have been following developments with cryptocurrencies with great interest. We are still evaluating what our appropriate regulatory response should be. I think we are likely to come up with something very soon.
Chairman, Saudi Arabia's Capital Markets Authority
It should be noted that to date the Saudi authorities have not imposed any restrictions related to bitcoin trade or ICO.
Earlier, the Central Bank of Saudi Arabia noted that it is too early to introduce regulation, because "the market has not yet matured," and it is possible to assess the impact of the crypto currency on the financial market not earlier than in 5 years.