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Saudi Arabia’s Web3 alliance; Dubai warns against memecoins

Author: Content Editor
Saudi Arabia’s Web3 alliance; Dubai warns against memecoins
Saudi Arabia has launched the Web3 Alliance of Saudi Arabia (WASA), a new association aimed at enhancing the adoption of blockchain technology and Web3 solutions in the country. The alliance will provide education on Web3 use cases and benefits, roll out best practices, create networking opportunities, and support research and innovation. Founding members include industry players such as The Sandbox, Outlier Ventures, and Animoca Brands, as well as academics and blockchain experts. WASA will operate as a non-profit and adopt a decentralized governance model, using blockchain for decision-making processes and remaining independent from government influence. Dubai’s Virtual Asset Regulatory Authority (VARA) has warned consumers about the risks of investing in memecoins, highlighting the potential for financial losses and market manipulation. VARA states that memecoins are highly speculative and volatile assets that often lack intrinsic value. The regulator calls out promotional activities involving memecoins in Dubai, noting violations of its rules. It warns investors to be cautious of misleading advertisements and social media hype and advises memecoin issuers to seek consent from VARA before promoting their assets in Dubai. Violators could face enforcement actions, including fines and imprisonment.

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