Is USDT Legal in Saudi Arabia?
In Saudi Arabia, the regulation of cryptocurrencies, including stablecoins like USDT, is not yet clear. In 2021, the Saudi Arabian Monetary Authority (SAMA) issued a statement warning against the use of cryptocurrencies, stating that they are not recognized as legal tender in the country and that they are not subject to the regulatory supervision of SAMA.
SAMA has not issued any further statements on the matter and it is not clear how the use or possession of cryptocurrencies is treated under Saudi Arabian law. That said, investors in the country are still allowed to sign up to regulated exchanges to buy USDT and other digital assets.
How to Buy USDT in Saudi Arabia
The easiest way to buy USDT in Saudi Arabia is with a regulated cryptocurrency exchange. Rain is the best option for traders in the country, as it is licensed and regulated by the Central Bank of Bahrain and is available to users in Saudi Arabia.
Here’s a step-by-step guide on how to buy USDT with their platform:
- Sign up to the Rain.com platform and verify your personal or company details.
- Deposit Saudi Riyal (SAR) from any Turkish Bank via Bank Transfer, Debit Card or Credit Card.
- Find 'USDT' on their platform to make a purchase.
- Input the SAR amount of USDT you want to buy and execute your trade.
Deposit and Trading Fees
Rain charges zero commissions on all trades and offers fast and cheap deposits for Bank Transfers, Debit Cards and Credit Card deposits with Saudi Riyal. However, users will have to pay any fees applied by their banks when making transfers with Debit or Credit cards.
What is Tether (USDT)?
Tether (USDT) is a cryptocurrency that is designed to be pegged to the value of a specific asset, such as the US dollar. It is issued by Tether Limited, a private company, and is intended to provide a stable, digital equivalent of traditional fiat currencies that can be used for transactions on the internet.
USDT is issued on a number of different blockchain platforms, including Bitcoin, Ethereum, and TRON, and it can be traded on various cryptocurrency exchanges. The value of USDT is intended to remain stable, with each token being backed by a corresponding unit of the underlying asset (e.g. one US dollar). This allows users to hold and trade USDT as a store of value, without the price volatility that is often associated with other cryptocurrencies.
For residents of Saudi Arabia, Rain is the best option for buying USDT with SAR. They offer low fees, fast deposits and a platform that is licensed and regulated by the Central Bank of Bahrain. Investors should still exercise caution when buying cryptocurrencies, as it is not yet clear how the use or possession of digital assets like USDT is treated under Saudi Arabian law.
It is also important to remember that while USDT can be used to store value and facilitate transactions, it is an unregulated asset and can be subject to high levels of price volatility. Therefore, investors should monitor their investments closely and only invest what they are willing to lose.