Eros Investments, managed by India's Lulla family, plans to develop Web 3.0 and Blockchain businesses out of Dubai as part of a partnership deal to operate under Dubai's new virtual assets regulator, the company said on Tuesday.
The deal is part of a push by the United Arab Emirates to become a global hub for the virtual asset sector and broaden its economy.
In March, one of the seven emirates of the UAE and the region's trade hub, created the Virtual Asset Regulatory Authority VARA to oversee the industry and is beginning to bring companies such as Binance under its purview.
Eros Investments wants to develop Web 3.0 and DWTCA businesses from the Dubai World Trade Centre Authority by the year 2025, which will be regulated by VARA.
It aims to operate a regulated and decentralised ledger technology platform for the global media, art and entertainment industry from Dubai.
Kishore Lulla, chairman of Eros Investments, said the company was in advanced stages of readiness to launch a revolutionary multi-verse experience that bridges the physical and virtual world.
VARA last week said it had set up a virtual headquarters in the metaverse, the world's first regulator to do so.