Live tracking of CMA digital asset licensing metrics — 34 authorized entities across 7 license categories, 19 sandbox participants, and 7 enforcement actions as of March 2026.

Data Sources

All dashboard metrics are sourced from official publications:

• CMA — Licensing data, enforcement actions, sandbox participation
• SAMA — Fintech licensing, digital payment adoption, sandbox data
• Tadawul — Market data, trading volumes, listed instruments
• Edaa — Settlement data, custody volumes
• Ministry of Finance — Government sukuk data, fiscal metrics
• Vision 2030 Program Office — Target tracking and progress reports
• World Bank — International benchmarking data
• IMF — Macroeconomic and financial sector data

Methodology

Metrics are updated based on the following schedule:

Data is cross-referenced across multiple sources where available. Discrepancies are noted in the dashboard footnotes. Historical data is maintained for trend analysis.

Key Metrics Analysis

Licensed Entity Growth

The CMA digital asset licensing trajectory shows accelerating adoption:

The licensing pace reflects two dynamics: sandbox graduations (7 entities) and ELDAP completions (12 entities), with the remaining 15 entering through direct application. The CMA’s target of 75 licensed entities by 2028 requires a sustained pace of 8-10 new licenses annually, consistent with the current trajectory when accounting for pipeline visibility.

License Category Distribution

Custody and dealing dominate the license distribution, reflecting the market’s current focus on post-trade infrastructure and market access. Advisory licenses (5 entities at SAR 2-5M capital) represent the lowest-barrier entry point and have attracted specialized Sharia compliance advisory firms and technology consultancies.

Sandbox Metrics

The CMA sandbox dashboard tracks participant progress through the three-phase testing structure. Of 19 total sandbox participants, 7 have graduated to full licenses, 10 are active in various phases, 1 has been removed for AML/CFT non-compliance, and 1 voluntarily withdrew. The sandbox graduation rate of 37% reflects the CMA’s rigorous standards and the genuine testing rigor of the three-phase process. Combined sandbox test transaction volume reached SAR 580 million in Q1 2026, with 640 test investors participating.

Enforcement Activity

The enforcement tracking component monitors CMA actions against both licensed and unlicensed digital asset activities. The 7 enforcement actions totaling SAR 20.5 million cover unlicensed promotion (3 cases, SAR 7.8M), AML/CFT failures (2 cases, SAR 8.2M), capital requirement breaches (1 case, SAR 2M), and smart contract non-compliance (1 case, SAR 2.5M). Saudi Arabia’s FATF membership since 2019 reinforces the compliance framework underpinning these enforcement metrics.

Tokenized Securities Outstanding

The SAR 2.1 billion in outstanding tokenized securities as of Q1 2026 comprises tokenized sukuk (SAR 850M, 40%), equity tokens (SAR 200M, 10%), private placements (SAR 780M, 37%), and pipeline instruments in various stages (SAR 270M, 13%). The CMA’s SAR 10 billion target for end of 2027 requires acceleration from the current issuance pace, with sovereign digital sukuk expected to provide the critical mass needed to reach this target.

Related Intelligence

• CMA Digital Assets Framework — Regulatory context for licensing metrics
• SAMA Fintech Sandbox — Context for fintech licensing data
• Tadawul Digital Securities Platform — Context for market data
• Tokenized Sukuk Framework — Context for fixed-income tokenization metrics
• Saudi Fintech Venture Capital — Context for investment data
• Vision 2030 Financial Sector Digital — Context for national targets

Network Intelligence

Cross-reference with related Vanderbilt Portfolio dashboards:

• Saudi Tokenized Real Estate — Real estate tokenization metrics
• Dubai Tokenisation — Dubai virtual asset market data
• UAE Tokenization Regulations — UAE regulatory tracking
• Capital Tokenization — Global tokenization benchmarks

Institutional Context

The CMA licensing dashboard operates within the Saudi FinTech Strategy 2025 — the joint SAMA-CMA policy initiative targeting 150 licensed fintech entities by 2030 across both regulators. PIF’s exploration of tokenization for portfolio company equity creates institutional demand for additional CMA-licensed entities across all 7 categories, particularly custody and exchange operations capable of handling sovereign-scale digital securities. The Saudi Blockchain Lab’s protocol evaluation work and the Saudi Digital Academy’s certification programs support the licensing pipeline by providing the technical standards and workforce that new licensees require. Elm Company’s Nafath digital identity platform provides the KYC verification backbone that all 34 licensed entities currently rely on for investor onboarding and AML/CFT compliance. The CMA’s international regulatory cooperation agreements — including memoranda of understanding with the UAE Securities and Commodities Authority, Bahrain’s Central Bank, and Singapore’s Monetary Authority — facilitate cross-border licensing recognition and information sharing that strengthens the licensing pipeline with international applicants seeking access to Saudi Arabia’s capital markets.

The CMA has issued 68 capital market permits across all categories, and with 261 fintech companies now operating in the Kingdom, the licensing pipeline for digital asset entities is expected to accelerate as Tadawul’s $2.7 trillion market transitions toward blockchain-based settlement infrastructure.

For data inquiries: info@sauditokenisation.com