The government of Saudi Arabia has signed a memorandum of understanding (MOU) with leading virtual world platform, The Sandbox. The partnership was announced on Tuesday with the aim for Metaverse development, and a ceremony was held to celebrate the pact.
Sebastien Borget, co-founder and chief operating officer of The Sandbox, was enthused by the deal. He took to Twitter to offer more details on the agreement, revealing that the MOU was between the Sandbox and the Saudi Arabia Digital Government Authority (DGA). The goal is to explore, advise and support each other mutually towards developing the Metaverse.
More details on the specifics of the deal are yet to be released. However, the pact is the latest in a long line of significant partnerships that The Sandbox has entered into. Over the past few months, the platform has worked with the likes of Snoop Dogg, Gucci, Tim, Atari, HSBC, Warner Music Group, and many others.
Saudi Arabia Joins Other Middle Eastern Nations In Pushing Web3 Initiatives
The government of Saudi Arabia is pushing hard to ensure it is not left out of the Web3 revolution. Overall, the Middle East is fast becoming a hub for emerging technologies. Last November, the capital city of the United Arab Emirates, Abu Dhabi, was chosen as the residence for the newly formed Middle East, Asia, and Africa Blockchain Association.
Before that, the Dubai International Financial Centre launched a crypto-token ‘regime’ that aimed to regulate all crypto-tokens recognized in the zone. The regime focuses on combating Anti-Money Laundering and the financing of terrorism, as well as ensuring consumer protection, and maintaining market stability.
In a tweet, the agency notes, “the #DFSA has issued regulations on #CryptoTokens for clients wishing to make use of this new asset class. This broadens the range of virtual asset regimes available in the Centre, building on the #InvestmentTokens regulations announced in Oct. 2021.”
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