Xavier Kong · · 1 min readEx-Singapore parliamentarian’s firm bags virtual asset license in Dubai
Calvin Cheng Web3 Holdings FZE, an investment firm founded by former Singapore parliamentarian Calvin Cheng, has been awarded a virtual asset license by the Dubai Virtual Asset Regulatory Authority (VARA).
Calvin Cheng/ Photo credit: RetechE
Cheng is a Singaporean investor and entrepreneur who served as a member of parliament in the city-state between June 2009 and May 2011. The company invests in non-fungible tokens and fan tokens. Cheng will back projects to incorporate crypto into fashion, media, and entertainment through the firm, according to a statement issued.
The license is provisional and will allow the company to operate under full regulatory supervision by VARA, the world’s first specialized regulator for virtual assets. The company’s business services will be subject to regulatory scrutiny and end-to-end mandatory financial compliance controls.
The investment firm sought the license to gain access to a regulated ecosystem, the company said. It is also the first international business to actively seek regulation, it added.
Editing by Samreen Ahmad and Arpit Nayak
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