Wednesday, June 29, 2022

Dubai Grants A Virtual Asset License To Calvin Cheng’s Web3 Company

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Calvin Cheng, a Singaporean entrepreneur and investor, has established a non-fungible token (NFT) and fan token investment company in Dubai. Previously an appointed member of parliament in Singapore, Cheng’s company, Calvin Cheng Web3 Holdings FZE, will invest in crypto-based projects in the fashion, media, and entertainment industries.

According to ACN Newswire, The Dubai Virtual Asset Regulatory Authority (VARA) has granted the company a provisional Virtual Asset License. VARA is the world’s first specialized regulator for virtual assets, such as cryptocurrency. As Dubai moves towards safer economic freedom backed by greater technological innovation and digital transformation, VARA will play a central role in creating new investment opportunities in Dubai’s fast-growing virtual asset industry.

VARA has also granted similar preliminary permits that enable readiness to operate under full regulatory supervision to Binance, FTX, Crypto.com and Bybit, among other VASPs in the chain.

Calvin Cheng Web3 Holdings FZE’s portfolio will include AmberX, an exclusive membership NFT that allows qualifying members access to Amber Lounge: Formula 1’s leading VIP lifestyle and entertainment pop-up lounge. Another portfolio company will be Celeb X, an NFT and fan token system designed to allow celebrities to directly engage with their social media followers, and in turn, for the fans to access exclusive benefits with celebrities including models, actors, sports icons and others.

The virtual asset ecosystem in Dubai is governed by comprehensive legislation and internationally applicable policy frameworks, as it is the only global economy that has its own independently regulated virtual asset environment. VARA is structured to promote collaboration and innovation without compromising public protection, and it was designed as the first participatory-governance model in the world where industry innovators and market shapers share responsibility with policymakers to build a more democratic and borderless economy.

“Dubai is fast positioning itself as the leading Virtual Assets Hub in the world. Digital Assets is a new space, which needs progressive regulators to keep up with entrepreneurs’ focus on innovation and growth,” said Cheng adding, “We are proud to be the first NFT VASP to enter this regulated ecosystem as our commitment to support strong guard rails for the crypto industry to safely grow. A new and forward-thinking regulator like VARA is well-positioned to firmly establish Dubai as the leading global center for digital assets.”

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Michael Peres
Michael Pereshttps://michaelperes.com
Michael Peres is a journalist, software engineer, radio host, founder, and traveler. Peres is the editor and chief at Peres Daily News and covers topics relating to entrepreneurship, politics, entertainment, and daily events. He currently resides in Seattle, Washington.

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