Dubai Grants Ex-Singapore Parliamentarian Calvin Cheng's Web3 Company a Virtual Asset License

- Ex-Singapore Parliamentarian Calvin Cheng forms the first regulated non-fungible token (NFT) and fan token investment holding company in Dubai.

- The Dubai Virtual Asset Regulatory Authority (VARA) has granted the company a provisional license to operate under full regulatory supervision alongside Binance, FTX, Crypto.com and Bybit.

- The holding company, through its portfolio companies AmberX and Celeb X, will offer exclusive membership access to lifestyle and entertainment lounges, and celebrities, via NFT and fan token system.

- Dubai's seamless integration of cryptocurrency and virtual assets have become increasingly attractive to investors, specifically due to focus on prudent regulatory guard-rails.

ABU DHABI, UAE, May 23, 2024 - (ACN Newswire) - Singaporean investor and entrepreneur Calvin Cheng has established a non-fungible token (NFT) and fan token investment holding company in Dubai. Cheng, formerly an appointed Member of Parliament in Singapore, will invest in projects to integrate crypto into fashion, media and entertainment via Calvin Cheng Web3 Holdings FZE.

The Dubai Virtual Asset Regulatory Authority (VARA) has granted the company a provisional Virtual Asset License. VARA is the world's first specialised 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.