Cedar White Bradley advised Calvin Cheng's Web3 company
His previous venture includes guiding education tech firm ReTech Technology to an IPO
By : Legal Era
Update: 2022-06-03 04:30 GMT
Cedar White Bradley advise Calvin Cheng's Web3 company
His previous venture includes guiding education tech firm ReTech Technology to an IPO
Former Singapore parliamentarian and entrepreneur Calvin Cheng has launched the first fully regulated non-fungible token (NFT) investment holding company in Dubai under its new Virtual Assets Regulatory Authority (VARA) regime.
The company, called Calvin Cheng Web3 Holdings, will invest in NFT projects that integrate blockchain technology into fashion, media and entertainment.
The ex-nominated member of the Parliament informed that he chose Dubai's VARA framework over other jurisdictions because of its consumer protection oversight.
Cheng said: "Dubai is fast positioning itself as the leading virtual assets hub in the world. Digital assets are a new space, which needs progressive regulators to keep up with entrepreneurs' focus on innovation and growth. We are proud to be the first NFT VASP (virtual asset service provider) to enter this regulated ecosystem as our commitment to support strong guard rails for the crypto industry to grow safely."
Early this year, VARA was established as the world's first specialized regulator of digital assets. It has already granted operating permits to cryptocurrency exchanges Binance, FTX, Crypto.com, and Bybit.
Cameron Crawford, the partner and head of the firm's technology, media and entertainment team, stated, "Dubai's appeal as a destination for the global crypto community is due in large part to the forward-thinking and proactive approach of regulators such as VARA."
Cheng's previous ventures have included guiding education tech firm ReTech Technology (where he is a chairman) to an IPO and co-founding fashion event organiser Lumina-Looque Group.
Prior to his stint as a Member of Parliament, a specialist role appointed by Singapore's president, Cheng was head of Asia Pacific at Elite Model Management.
The upcoming NFT projects include AmberX, an exclusive membership NFT that buys access to Formula One's VIP entertainment lounge, and Celeb X, a fan token system that allows models, actors and sports stars to engage directly with social media followers.
Dubai-based legal services consultancy Cedar White Bradley advised Cheng on the company's formation.