The Saudi government has signed a Memorandum of Understanding (MOU) with leading virtual world platform The Sandbox. On Tuesday, a partnership aimed at developing the Metaverse was announced and a ceremony was held to celebrate the agreement.
Sebastien Borget, Co-Founder and Chief Operating Officer sandbox, was enthusiastic about this deal. He provided details of his contract on his Twitter, revealing that an MOU has been signed between Sandbox and the Saudi Digital Government Agency (DGA). The goal is to research, advise, and support each other towards the development of the Metaverse.
Details regarding the details of the deal have not yet been made public. However, the agreement is the latest in a series of significant partnerships that Sandbox has entered into. Over the past few months, the platform has worked with his Snoop Dogg, Gucci, Tim, Atari, HSBC, Warner Music Group and more.
Saudi Arabia joins other Middle East nations in pushing Web3 initiative
The Saudi government is working hard not to be left behind in the Web3 revolution. Overall, the Middle East is fast becoming an emerging technology hub. Last November, Abu Dhabi, the capital of the United Arab Emirates, was chosen as the home of the newly formed Middle East, Asia and Africa Blockchain Association.
Prior to that, the Dubai International Financial Center launched a crypto-token “regime” intended to regulate all crypto-tokens allowed in the zone. The regime focuses on combating anti-money laundering and terrorist financing, ensuring consumer protection and maintaining market stability.
and tweet, Agency Note, “The #DFSA has issued a regulation on #CryptoTokens for clients wishing to take advantage of this new asset class. It broadens the scope of the system.”
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