Regulatory Framework
Comprehensive regulatory structure governing tokenization, licensing, compliance, and intermediation across the national ecosystem.
Legal & Regulatory Framework Changes
The DGA must propose specific legal amendments to enable safe and efficient tokenization across the Kingdom.
Personal Data Protection Law (PDPL) Amendment
Clarify DLT data handling, mandate Zero-Knowledge Proofs (ZKPs) for identity attestation, and establish rules for cross-border data transfer.
ZKP-based KYC attestation for privacy
Clear rules for cross-border data sharing
Data residency requirements for sensitive information
Capital Markets Authority (CMA) Amendments
Create a new legal asset class ("Tokenized Security"), establish licensing framework for international exchanges, and finalize SAMA's regulated stablecoin on-ramp.
Define "Tokenized Security" as a distinct asset class
Licensing framework for international VASPs
Stablecoin on-ramp regulations