Calvin Cheng, a Singaporean entrepreneur, and investor has established a non-fungible token (NFT) and fan token investment holding company in Dubai. Through Calvin Cheng Web3 Holdings FZE, Cheng, a former Singaporean member of parliament, will invest in ventures that integrate cryptocurrencies into the fashion, media, and entertainment sectors.
According to the press release, the Dubai Virtual Asset Regulatory Authority (VARA) has granted the company a temporary Virtual Asset License. VARA is the world’s first dedicated regulator for virtual assets like cryptocurrency. VARA will play a key role in the establishment of new investment opportunities in Dubai’s fast-increasing virtual asset market as the city-state moves toward greater economic independence, aided by more technological innovation and digital transformation.
VARA is granting Binance, FTX, Crypto.com, and Bybit, among other VASPs in the chain, comparable preliminary licenses that enable preparedness to operate under full regulatory control.
Exclusive access and more involvement
AmberX, an exclusive membership NFT that allows access to Amber Club: Formula 1’s finest VIP lifestyle and entertainment pop-up lounge, will be part of Calvin Cheng Web3 Holdings FZE’s portfolio. Celeb X, an NFT and fan token system designed to allow celebrities to engage directly with their social media followings and for fans to earn exclusive privileges with models, actresses, and other celebrities, will be another portfolio company.
A portal to another world
Even though their product was not regulated in other countries, Calvin Cheng Web3 Holdings FZE chose to get a VARA license to gain access to a controlled environment. The license improves client trust while also strengthening consumer risk protection.
Dubai’s ecosystem for virtual assets is governed by substantial regulations and internationally applicable regulatory frameworks since it is the only global economy with an independently regulated environment for virtual assets under VARA. VARA is the world’s first participatory governance model, in which industry innovators and market shapers share duties with policymakers to develop a more democratic and borderless economy, boosting collaboration and innovation without jeopardizing public safety.