Analyzing Cryptocurrency Security Risks: A Comprehensive Survey of Saudi Arabian Perspectives

Purpose: This study explores cryptocurrency security concerns in the context of Saudi Arabia, focusing on a cross-sectional survey to assess evolving technical threats and public risk perceptions. While regulatory concerns are acknowledged, the primary emphasis is on security risks, making this one of the few studies to specifically investigate digital asset vulnerabilities from a Saudi perspective. The novelty lies in bridging the views of both the general public and industry professionals to offer multidimensional insights into the country’s cryptocurrency environment.

Methods: A large-scale online survey was conducted with 392 participants, including individuals from the general public, IT sector, banking institutions, and regulatory bodies. The instrument captured perceptions of various technical security threats—such as 51% attacks, phishing, timejacking, and double-spending—alongside key public concerns about cryptocurrency safety. The mixed-participant approach enabled a balanced analysis of cross-sector risk awareness.

Results: The findings indicate a significant disparity between public understanding and expert awareness regarding cryptocurrency security. Notably, 87.3% of respondents support the idea of central banks issuing their own digital currencies (CBDCs), reflecting widespread demand for safer and more regulated alternatives. Core risks identified include token theft, manipulative trading behavior, and technical vulnerabilities in decentralized platforms.

Conclusion: This research contributes original insights into cryptocurrency security from a regional lens, integrating technical and perceptual dimensions often overlooked in existing literature. The study’s multistakeholder findings offer valuable input for policymakers, regulators, and technology developers seeking to build secure and trusted crypto ecosystems in emerging markets like Saudi Arabia.