Eros Investments partners with Dubai digital asset regulator

DUBAI, May 10 (Reuters) – Eros Investments, run by India’s Lulla family, plans to develop web 3.0 and blockchain businesses out of Dubai under a partnership deal to operate under China’s new virtual assets regulator. Dubai, the company announced on Tuesday.

The deal is part of a push by the UAE to become a global hub for the virtual asset industry and expand its economy.

Dubai, one of the seven emirates of the United Arab Emirates and the region’s trade hub, formed the Virtual Asset Regulatory Authority (VARA) in March to oversee the industry and is beginning to put companies such as cryptocurrency giant Binance. Read more

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Eros Investments, a media, sports, blockchain, digital commerce and gaming company, wants to develop web 3.0 and blockchain businesses from the Dubai World Trade Center Authority (DWTCA). It provides for an acceleration fund to support more than 100 start-ups by 2025, which will be regulated by the VARA.

It aims to operate a regulated and decentralized distributed ledger technology platform for the global media, arts and entertainment industry from Dubai.

“Eros is at an advanced stage of readiness to launch a groundbreaking multiverse experience that bridges the physical and virtual world,” said Kishore Lulla, chairman of Eros Investments, an investment firm run by the Indian Lulla family, known for having founded the Indian film and media company Eros. .

VARA said last week that it had set up a virtual seat within the Metaverse, the first regulator in the world to do so.

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Reporting by Lisa Barrington, editing by Ed Osmond

Our standards: The Thomson Reuters Trust Principles.

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