Xfinite becomes First Media-Entertainment Distributed Ledger Technology (DLT) Platform to enter Dubai’s Regulated Virtual Asset Regime
NEW YORK & MUMBAI, India & DUBAI, United Arab Emirates & LONDON--(BUSINESS WIRE)--Eros Investments, a leading Global Media, Entertainment & Technology portfolio of ventures, announced a strategic partnership with the Dubai World Trade Centre Authority (DWTCA) to operate under the world’s only specialist Virtual Asset Regulatory Authority (VARA), and enable growth of the worldwide Web 3.0 industry and associated blockchain businesses from Dubai as the Hub.
Foundational Cornerstones of the Partnership include:
- Eros Investments to launch a specialised mega-accelerator fund to enable 100+ startups and SMEs across Blockchain and Web 3.0 by 2025 in DWTCA, with global industry-shapers and home-grown anchors in ICT and Content distribution;
- Eros’ investee portfolio and all affliates to seek to be VARA licensed and operate the first-of-its kind ‘fully regulated, decentralised DLT platform’ for the global Media, Art and Entertainment industry, from Dubai;
- Xfinite is a flagship ‘watch-to-earn’ closed loop platform with XET and NFT Marketplace to join a rigourously vetted shortlist of international participants in the VARA MVP programme, and build towards the mass market Virtual Asset Exchange (VAX) License;
- VARA to engage Eros in building secure IP guardrails to foster fair creative industry participation, scaling direct connectivity between global talent, content aggregators, and the audience
Blockchain and Crypto has seen an exponential growth specifically through the pandemic, estimated to be at over 300 Million users globally (source Triple A) at the end of 2021. However, this phenomenon remains relatively nascent due to undefined global standard for operations and risk controls. Continued regulatory uncertainty, with limited legal clarity and rights protection assurance presents a significant untapped opportunity to (i) scale economic freedom; and (ii) enable safe main stream access to/interaction with content.
The Emirate of Dubai’s enablement of the VARA was the first step towards pioneering a Global wave of Web 3.0 and Virtual Asset adoption that is designed to offer global interoperability in alignment with international best-in-class industry regulatory standards. Licensing Eros to participate in the VARA ecosystem is particularly reflective of the city’s objective to build an ecosystem that supports decentralised and autonomous new economy growth – across creative, technology, media, art, and entertainment. Eros Investment’s founding vision to deliver opportunities for quality startups to connect with the industry participants and take their content direct to market, will be enabled through a network of strategic global leaders that are equally invested in co-creating such a benchmark model for the world. It also allows for the mass adoption of crypto into everyday use and grow to billions of users globally.
His Excellency Helal Saeed Almarri, Director General of DWTCA commented, “For any industry to be a sustainable contributor to the new economy, it is imperative that governments provide robust guard rails in a legitimate environment so that businesses can innovate ‘responsibly’, and consumers can experience with ‘confidence’. To this end, Dubai’s VARA is commited to building a secure and progressive market environment that can deliver a ‘technology and sector agnostic’ future economy. We are already witnessing the mass proliferation of Blockchain, and the accelerated migration to Web 3.0 – one that we are here to nurture, strengthen and sustain. We find in Eros, strong alignment in objectives to create a decentralised empowerment framework for the creative, lifestyle and media industries, and are looking forward to partnering with their global value chain partners to design scalable models for the metaverse.”
“Innovation is entrenched in the DNA of Eros Investments in much the same way as it is in Dubai, and we are humbled by the opportunity offered to us by H.E. Helal to participate in this incubation ecosystem that the VARA has established to accelerate the global blockchain and web3 revolution from the very heart of Dubai. Eros is in advanced stages of readiness to launch a revolutionary multi-verse experience that bridges the physical and virtual world in a uniquely relatable way, for all ages and cultures. I am excited by the prospect of creating an open stage for the world to witness ‘first-hand’ the same multi-cultural dynamism of the Metaverse through the lens of the city of Dubai in the real world. Last week’s opening of the VARA MetaHQ has already seen growing interest from our industry partners to participate in this environment with us, so we collectively build the future of our industry together with Dubai,” said Kishore Lulla, Chairman, Eros Investments.
London based Omdia reported in it’s ‘Online Video Trends & Consumer Research’ for India - Eros Now ranked at #2 only behind Disney+’ Hotstar and ahead of Amazon Prime Video & Netflix in India. Eros Now was the first SVOD product in India and with its expertise of content and technology led the mass adoption of Digital video across subscribers. According to a Gartner report, by 2030 blockchain will be the foundational technology to 30% of global customers with a $3.1 Trillion economy. Eros Investments with its portfolio in blockchain and web 3 business is well placed to also lead the path in this new economy.
About Eros Investments
Eros Investments is a venture with assets in media, sports, blockchain, digital commerce and gaming. Its portfolio companies include Eros Media World, Eros Now, Xfinite’s Mzaalo, EXR, and Eros Innovations. Disruption is at the heart of Eros Investments, and its core culture is deeply rooted in next-generation intellectual properties with technology as the driving force. Its blockchain, sports, and entertainment ventures have been game changers with a solid first mover advantage. Eros Investments is a future-ready organization committed to developing the Web 3.0 ecosystem with a mission to make the world of entertainment better through innovation and diversity.
Dubai Virtual Asset Regulatory Authority (VARA) is the world’s first specialised regulator for the Virtual Assets sector. Established in March 2022, following the effect of Law No.4 of 2022, VARA is responsible by decree for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories (excluding DIFC), and oversees all licensing requirements and applications for authorisation of Virtual Asset activities under UAE law. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.
Ayan Dutta, BCW/Genesis PR, +919930929699