Eros Investments, led by the Lulla family in India, has outlined plans to establish Web 3.0 and blockchain enterprises in Dubai as part of a collaborative agreement operating under the newly established virtual assets regulator of Dubai, as announced by the company on Tuesday. This initiative aligns with the broader goal of the United Arab Emirates (UAE) to position itself as a global center for the virtual asset sector and diversify its economic landscape.
In March, Dubai, a key emirate in the UAE and a significant trade hub in the region, established the Virtual Asset Regulatory Authority (VARA) to oversee the industry. The regulatory framework is expanding to include entities like the cryptocurrency giant Binance. Eros Investments, known for its ventures in media, sports, blockchain, digital commerce, and gaming, intends to foster the growth of Web 3.0 and blockchain ventures from the Dubai World Trade Centre Authority (DWTCA). As part of its strategy, the company plans to launch an accelerator fund aimed at supporting over 100 start-ups by 2025, subject to regulation by VARA.
Kishore Lulla, Chairman of Eros Investments and part of the Lulla family renowned for founding the Indian film and media company Eros, expressed the company’s advanced state of readiness to introduce a groundbreaking multi-verse experience that seamlessly connects the physical and virtual realms.
Furthermore, VARA recently announced the establishment of a virtual headquarters within the metaverse, marking a pioneering move as the world’s first regulator to do so.
