Initiatives towards metaverse development remain a major focus and high interest in the Middle East region, as the LEAP conference in Riyadh, Saudi Arabia highlights key industry issues.
A partnership ceremony was held at the conference on February 7, acknowledging a new MoU between The Sandbox and the Saudi Arabian government.
According to social media posts by Sebastien Borget, co-founder and COO of the Sandbox, the MoU is with the Saudi Arabian Digital Government Authority (DGA) for the purpose of “exploring, advising and supporting” each other in the development of the metaverse.
It was a true honor to sign our MOU partnership ceremony between @TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during #LEAP 2023 conference, and we look forward to exploring, advising and supporting each other mutually in activations of the Metaverse pic.twitter.com/mTBYqlwvUa
—Sebastien (@borgetsebastien) February 7, 2023
It was a true honor to sign our MOU partnership ceremony between @TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during the #LEAP 2023 conference, and we look forward to exploring, advising and supporting each other in Metaverse activations.
Although there is no further information on the scope of the partnership, both parties have been actively pushing the boundaries of the Web3 space in relation to their areas of expertise.
The Sandbox has collaborated with some of the biggest names in and out of the Web3 space, including Snoop Dogg, Gucci, TIME, Atari, HSBC, and Warner Music Group, among others.
The Saudi conference comes at a time when the Middle East continues to consolidate the region as a hub for emerging technologies. Last November, Abu Dhabi (United Arab Emirates) was chosen as the headquarters of the newly created blockchain association of the Middle East, Asia and Africa.
Shortly before, the Dubai International Financial Center instituted a cryptocurrency token regime, which will apply to all tokens recognized in the zone. The city has long been a beacon of regional innovation when it comes to the Web3 space.
It opened the first non-fungible token store and on February 7 published its long-awaited regulations for virtual asset providers.
In a survey conducted by KuCoin last July, Saudi Arabia emerged as an important market for digital currency adoption due to local regulations. Currently, the Government is studying the possibilities of creating a central bank digital currency.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.