Saudi Arabia has set up a Web3 Alliance Group as part of its Saudi Vision 2030 program to diversify the country’s economy. The newly explained Saudi Arabia (WASA) Web3 Alliance will bring together participants from the international Web3 industry. According to a press release on Thursday, the team will work to raise awareness of Web3 and help Saudi Arabia develop regulatory standards to monitor and manage the industry.
Members of WASA include Sandbox, Animoca Brands and Outier Ventures. The group will serve as a nonprofit, focusing on working with the country’s regulators to securely integrate blockchain technology into existing financial and industrial systems.
“The governance structure of the alliance includes the General Assembly and Executive Committee to ensure transparent and effective leadership. An integrated digital infrastructure and marketing strategy will support the alliance’s mission to connect and enhance the capabilities of the Web3 community throughout Saudi Arabia.” Announcement explain.
Web3 can be interpreted as the next iteration of the Internet we know and use today. This blockchain technology can replace traditional Web2 servers and provides the basis for Web3. Cryptocurrencies, NFTs and Metaverse are all part of the Web3 ecosystem that bring financial autonomy, virtual ecosystems and digital collections to the table. By 2030, the country aims to transform its economy and bring greater transparency and effectiveness to its existing governance and industrial structures. The release notes that blockchain technology may contribute to this vision.
Although Web3 technologies are emerging and showing growth in several regions of the world, they are largely unregulated. For example, cryptocurrencies are inherently turbulent and may pose risks to traders and investor communities.
As part of its Pro Web3 work, WASA will launch Web3 education programs, workshops and workshops in the country to raise awareness and ensure safer exploration of technology.
Together with other countries such as India, the UAE and the United States, the newly formed team will conduct R&D efforts to undermine the pros and cons of Web3 integration with existing systems.
Members of the group will work to bring web3-related networking and collaboration opportunities to grow the Saudi Arabian market.
“Web3 enthusiasts, companies and industry leaders were invited to join the alliance and comment on shaping the future of Saudi Arabia’s Web3 ecosystem,” the announcement stated.
In recent years, Saudi Arabia has attracted the attention of Web3 players.
In 2023, the Animoca brand established a strategic partnership with the Saudi Arabian Neom Investment Fund and plans to establish enterprise-level Web3 services. In the same year, Sandbox, a decentralized gaming ecosystem, also developed the country’s Web3 gaming space in collaboration with Riyadh-based game developer Sandsoft.
IMARC Group recently claimed that Saudi Arabia’s crypto market hit a valuation of more than US$23 billion (approximately Rs 199.402 crore) in 2024. According to Statista, Saudi Arabia’s cryptocurrency market is also expected to see growth in 2025. The country’s laws allow transactions and holdings of crypto assets, but do not allow financial institutions to participate in volatile digital assets.
Despite Saudi Arabia’s forecasts and estimates for cryptocurrencies, Saudi Arabia’s investment firm Alwaleed bin Talal recently said it will not invest in cryptocurrencies in the near future. Talal Ibrahim Al-Maiman, the company’s CEO, explained the decision, saying cryptocurrencies can be used to purchase goods.
