Saudi Arabia Launches New Web3 Alliance

Saudi Arabia has launched a new Web3 alliance to accelerate digitization efforts, involving global and local ecosystem players with government backing.

According to a press release, the alliance aims to bolster the Saudi government’s initiatives to adopt blockchain technology and Web3 solutions. Named the Web3 Alliance of Saudi Arabia (WASA), its focus includes enhancing tech adoption for both enterprises and individuals.

Founding members include industry leaders like The Sandbox, Outlier Ventures, and Animoca Brands, alongside local blockchain service providers, academics, and experts.

WASA is guided by four core principles aimed at fostering ecosystem growth:
1. Educational Initiatives: Hosting workshops and seminars to educate the public on Web3 use cases.
2. Industry Standards: Establishing best practices for uniformity among players.
3. Networking Opportunities: Providing a platform for collaboration through conferences.
4. Research Support: Promoting innovation through pilot projects and funding.

The alliance will operate with a decentralized governance model, including an executive committee and general assembly with voting power, utilizing blockchain for decision-making while maintaining independence from government influence.

WASA intends to function as a non-profit organization, concentrating on blockchain adoption and creating a neutral space for ecosystem growth.

Embracing Emerging Technologies

Saudi Arabia is clear about its commitment to emerging technologies for digitization. While the government remains cautious about blockchain in finance, it is exploring central bank digital currencies (CBDCs) to decrease cash usage and enhance cross-border transactions. The country’s improvements in business operations have attracted global players, particularly amid its push to leverage artificial intelligence (AI) to match the UAE’s progress.

Cautionary Measures in Dubai

In related news, Dubai’s Virtual Asset Regulatory Authority (VARA) has issued a warning against investing in memecoins, citing the risks of funds losing value. The public advisory highlights concerns about the speculative nature of memecoins, which are susceptible to market manipulation and misleading advertising. VARA mandates that digital asset issuers seek approval before promoting memecoins in Dubai, stressing the importance of transparency regarding financial risks associated with such investments. Violators may face penalties, including fines and imprisonment, as regulators across the UAE adopt similar protocols.

Memecoins Resurging

As of 2025, despite earlier claims of memecoins’ decline, the launch of $TRUMP in January reignited optimism in this asset class, with exchanges benefiting from renewed investor interest. Meanwhile, the U.K. is tightening regulations around memecoins, risking fines and jail time for offenders, while investors remain unprotected by compensation schemes.