Dubai issues its first virtual asset license to an NFT firm

Companies across the globe are looking at providing crypto services to untapped regions with lots of potentials. One of these regions include Dubai which is looking at becoming the capital for all the latest and greatest happening in the world of crypto. For that, they had created a specialized authority called Dubai Virtual Asset Regulatory Authority (VARA). Recently, this authority in Dubai has granted a license to an NFT firm called Calvin Cheng Web3 Holdings.

Singapore Parlimentarian Calvin Cheng created this firm specializing in Web3 & NFT investments. He had served as a member of Parliament between June 2009 and May 2011. Moreover, his company invests in non-fungible tokens (NFTs) and fan tokens. Also, Cheng will support projects that incorporate crypto into other segments such as fashion, entertainment, media, etcetera.

Moreover, the holding company of Calvin Cheng can offer exclusive access to lifestyle and entertainment lounges as well as celebrities. This is because the holding company also has AmberX and Celeb X as their portfolio companies.

VARA has granted a provisional license to the NFT firm. With this license, the firm can operate under the eyes of VARA. Moreover, VARA can scrutinize the firm’s business services as per requirement. Finally, the company’s business services will be subject to end-to-end mandatory financial compliance controls.

While Calvin Cheng became the first regulated non-fungible token (NFT) firm that can operate in Dubai, it is not the first in the crypto world. Many crypto exchanges such as Binance, FTX, Crypto.com, and Bybit have provisional licenses to operate under full regulatory supervision.

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