Saudi Arabia has launched a Web3 alliance group as part of its Saudi Vision 2030 program that aims to diversify the country’s economy. The newly construed Web3 Alliance of Saudi Arabia (WASA) will bring together players from the international Web3 industry. The group will work to create awareness around Web3 and help Saudi Arabia develop regulatory standards to oversee and govern the sector, according to press release shared Thursday.
Members of the WASA include The Sandbox, Animoca Brands and Outlier Ventures. The group will work as a non-profit organisation with a focus on collaborating with the country’s regulators to safely integrate blockchain technologies into existing financial and industrial systems.
“The alliance’s governance structure includes a General Assembly and an Executive Committee, ensuring transparent and effective leadership. A comprehensive digital infrastructure and marketing strategy will support the alliance’s mission to connect and empower the Web3 community throughout Saudi Arabia,” the announcement said.
Web3 can be explained as the next iteration of the Internet we know and use today. The blockchain technology, that offers an alternative to traditional Web2 servers, makes for the foundation for Web3. Cryptocurrencies, NFTs, and the metaverse are all part of the Web3 ecosystem that bring financial autonomy, virtual ecosystems, and digital collectibles to the table. By 2030, the country aims to revamp its economy and bring more transparency and effectiveness to its existing governance and industrial structure. The blockchain technology could contribute to this vision, the release noted.
While Web3 technologies are emerging and showing growth in several parts of the world, they remain largely unregulated. Cryptocurrencies, for instance, are volatile in nature and can pose risks to the trader and investor community.
As part of its pro Web3 efforts, the WASA will be initiating Web3 educational programmes, seminars, and workshops in the country to drive awareness and ensure safer exploration of the technologies.
Alongside other nations like India, the UAE, and the US, the newly formed group will conduct research and development work to chalk out the pros and cons of Web3 integration with existing systems.
Members of this group will work to bring Web3-related networking and collaboration opportunities to grow the market in Saudi Arabia.
“Web3 enthusiasts, corporations, and industry leaders are invited to join the alliance and have a say in shaping the future of the Web3 ecosystem in Saudi Arabia,” the launch announcement noted.
In recent years, Saudi Arabia has garnered the attention of Web3 players.
In 2023, Animoca Brands entered into a strategic partnership with Saudi Arabian NEOM Investment Fund with plans to build enterprise-level Web3 services. The same year, The Sandbox, a decentralised gaming ecosystem, also teamed up with Riyadh-based game developer, Sandsoft, to grow the Web3 gaming arena in the country.
A report by the IMARC Group claimed recently that the crypto market in Saudi Arabia touched the valuation of over $23 billion (roughly Rs. 1,99,402 crore) in 2024. As per Statista, the crypto market in Saudi Arabia is also poised to see growth in 2025. The laws in the country allow trading and holding of crypto assets, but financial institutions are not permitted to engage with volatile digital assets.
Despite Saudi’s positive projections and estimates around crypto, the investment firm of Saudi Arabian Prince Alwaleed Bin Talal recently said it would not be investing in cryptocurrency in the near future. The CEO of the firm, Talal Ibrahim al-Maiman, explained the decision, saying cryptocurrencies could be used to buy goods.
