Friday, December 9, 2022

Dubai grants Calvin Cheng Web3 Holdings the virtual assets license

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According to a news release published Monday, the Dubai Virtual Asset Regulatory Authority (VARA) has granted Calvin Cheng Web 3 Holdings FZE a Virtual Asset License.

Calvin Cheng Web3 Holdings FZE is an NFT and Web3-focused firm started by entrepreneur and former Singaporean parliamentarian Calvin Cheng. The company will invest in projects targeted at integrating digital assets into various sectors, including fashion, media and entertainment.

First NFT provider to seek regulatory approval

The VARA license gives the company access to a structured and regulated market teeming with activity as more payers find Dubai’s investment environment attractive. Already, major cryptocurrency exchanges Binance, Crypto.com, FTX, and Bybit are among the leading recipients of the VARA license.

However, Calvin Cheng Web3 Holdings is the first NFT provider to actively seek regulation when it could operate without in many other jurisdictions—as such, acquiring the license adds to the company’s customer assurance and aligns with the Financial Action Task Force (FATF) regulations.

Membership NFT and fan token

Calvin Cheng Web3 Holdings FZE will offer customers access to two portfolios of NFTs – AmberX and CelebX.

AmberX is a membership NFT that will give qualifying members exclusive and VIP lifestyle access to the Amber Lounge, the leading pop-up lounge for Formula 1. Meanwhile, Celeb X offers an NFT and fan token engagement ecosystem where fans can directly engage their celebrities, including sports icons, models and actors.

About VARA

The Dubai Virtual Assets Regulatory Authority (VARA) is a regulatory body tasked with licensing and regulating the digital assets space in the UAE’s Dubai (except for the Dubai International Financial Centre (DIFC)). VARA was established under UAE laws in March 2022, the world’s first regulatory body dedicated to Virtual Assets. 

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