Through his Web3 firm (FZE), Calvin Cheng will invest in projects that enable the integration of fashion, media, and entertainment into crypto. Dubai virtual asset regulatory authority (VARA) approved a provisional VASP license for Cheng’s FZE.
VARA is the first regulator for digital assets globally. VARA is key to Dubai’s move towards accomplishing an economy with greater safety and freedom.
Dubai intends to accomplish this objective through a digital transformation backed by newer technological inventions.
The recent approval follows VARA’s approval of a similar license for other VASPs such as Bybit, Binance, Crypto.com, and FTX. The license grants these companies the readiness to start operating under the full regulatory oversight of the agency.
Exclusive Membership Access
AmberX and CelebX are among FZE’s investment portfolios. Members of AmberX will have exclusive to the amber lounge. This lounge is F1’s top VIP lifestyle and entertainment hip-hop lounge.
CelebX is an exclusive NFT and fan token system where celebrities can interact personally with their fans and followers from social platforms.
Fans will also have access to these celebs’ exclusive events. Sports icons, models, actors, and other famous figures are those classified as celebrities.
VARA – The Rising Force Of The Metaverse
It is noteworthy that FZE isn’t under any strict regulatory compliance in other regions of its operations. Hence, it is admirable that Calvin Cheng opted to obtain a VARA license in Dubai for his firm.
Many VASPs such as FZE seek the VARA license as it affords them a chance to operate under a regulated system. Under this system, there is a guarantee of customer risk protection.
Thus, boosting customer confidence and interest in any company operating in this region. Dubai is the only economy globally with detailed legislation and a policy structure applicable worldwide.
It is also the only economy worldwide where there is independent regulation of activities in the crypto industry. VARA’s governance model of operation is one where policymakers and industry participants work closely to establish a borderless economy.
VARA intends to uphold customer protection regardless of increased innovation and collaboration with other international firms.
Part of VARA’s regulation makes it mandatory for it to scrutinize any business using detailed compliance controls of the FATF.
An official statement by the regulator regarding FZE approval states that “FZE is the first global firm to seek approval from us. We are particularly excited about their approval because it deems it fit to seek our approval even though it can operate legally in other climes.”
The statement further read, “Calvin Cheng and FZE’s approval request also proves that industry players want a well-regulated industry where they can scale their business.”
While speaking on this approval, Cheng remarked that “Dubai is becoming a leading force worldwide that supports innovation and growth of the crypto industry.”
“As the first NFT VASP approved in this region, we look forward to being a part of the sector’s growth here,” he added.