9.2.1. Kingdom of Saudi Arabia

284. The Kingdom of Saudi Arabia has conducted a ML/TF risk assessment on VAs and VASPs to identify, assess, and understand the ML/TF risks associated with this sector.

285. At the data collection phase, which aims to identify the current level of exposure to VAs and VASPs, questionnaires were circulated to a number of public sector bodies and private sector entities. Those questionnaires captured statistics and information related to STRs, cases under analysis, investigations, prosecutions and convictions, international co-operation requests involving VAs/VASPs, the internet traffic on VA or VASP activities, the nature and type of services provided on the websites and host countries, the number of business relationships held by private sector entities with VASPs, and any transactions involving VA.

286. Additional information has also been captured to determine the overall level of risk, as follows:

• How many foreign legal persons/arrangements, which are VASPs operate within Saudi Arabia?

• How many ICOs were organized through a Saudi legal entity or a foreign entity registered in KSA?

• What type of activities/operations do these VASPs conduct: a. exchange between virtual assets and fiat currencies; b. exchange between one or more forms of virtual assets; c. transfer of virtual assets; d. safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets; and e. participation in and provision of financial services related to an issuer's offer and/or sale of a virtual asset.