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Dubai Grants First Virtual Asset License to Singaporean Web3 Firm

Dubai Grants First Virtual Asset License to Singaporean Web3 Firm

  • Dubai has granted Calvin Cheng Web3 Holdings firm a virtual asset license.
  • VARA is the world’s first specialized regulator for virtual assets.
  • Calvin Cheng is a Singaporean investor and entrepreneur.

The Dubai Virtual Asset Regulatory Authority (VARA) has granted Calvin Cheng Web3 Holdings FZE a provisional Virtual Asset License. Calvin Cheng is a Singaporean investor and entrepreneur.

Notably, Cheng recently established an NFT and fan token investment holding company in Dubai. The business magnate is also a former Member of Parliament in Singapore. Cheng had applied to obtain the license to operate in a regulated ecosystem.

Established in March 2022, VARA is the world’s first specialized regulator for virtual assets. It is expected to play a major role in creating new opportunities in the virtual asset industry in Dubai. Under the VARA’s supervision, all business services will be subject to thorough regulatory oversight, and end-to …

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