As the Leap conference in Riyadh, Saudi Arabia demonstrates, efforts towards metaverse development remain a significant concern and focal point across the Middle East. On February 7th, an esteemed partnership ceremony was held at the event to recognize a recently-signed Memorandum of Understanding between The Sandbox (SAND) and Saudi Arabia’s government.
Saudi Arabia and The Sandbox Will Support Each Other in the Web3 World
The Sandbox‘s Co-founder and COO, Sebastien Borget, shared via social media that they signed a Memorandum of Understanding (MOU) with the Saudi Arabia Digital Government Authority (DGA). The aim is to collaborate in discovering, consulting, and aiding each other in building an online metaverse.
Although there is no new news regarding the scope of this partnership, both sides have been exploring Web3 comprehensively concerning their specialties. The Sandbox has partnered up with some of the most renowned corporations in and beyond Web3, such as Snoop Dogg, Gucci, Tim, Atari, HSBC, and Warner Music Group, to name a few.
The Arabian Peninsula Is A Highly Productive Place For Web3
As the Middle East forges ahead in establishing itself as a trailblazer in innovative technology, Saudi Arabia‘s conference is just one more example of this. Last November, Abu Dhabi was designated as the base for The Middle East, Asia, and Africa Blockchain Association – an undeniable statement indicating that blockchain is here to stay. Before this announcement, the Dubai International Financial Centre instituted a legal framework specifically designed around cryptocurrencies so tokenized assets could be utilized within its zone. Consequently, it has become known far and wide that those in Dubai strongly support emerging Web3 technologies – setting out on a journey toward full crypto adoption!
Last February, the Saudi Arabian government made a groundbreaking move by launching its first nonfungible token store and unveiling regulations for virtual asset providers. This progressive decision was further evidenced in July when KuCoin conducted a survey revealing that local regulatory measures had encouraged significant digital currency adoption among Saudis. In line with this trend, authorities are now researching the potential of releasing their own central bank digital currency as well.
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