Saudi Arabia aims to become a Web3 hub, but social restrictions may deter startups

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Cointime2024/04/30 14:49

By:Cointime

Saudi Arabia is aiming to establish itself as a Web3 hub, following in the footsteps of the UAE. Outlier Ventures has launched a Web3 accelerator program in partnership with the National Technology Development Program, and the country has also seen investment from Animoca Brands and Golden Gate Ventures. Despite its proactive approach to innovation and strategic partnerships, Saudi Arabia's policies on women in the workplace and alcohol may make it less attractive to startups. However, the country's annual tech conference, Leap Summit, attracted over 220,000 attendees this year, and there is growing interest in cryptocurrency among the Saudi population, with Binance in talks with regulators for high-level regulation of digital currencies in the country.

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