Dubai grants first license to a company specializing in virtual assets and web 3
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Dubai grants first license to a company specializing in virtual assets and web 3
The Dubai Virtual Asset Regulatory Authority (VARA) has granted Web3 Holdings FZE a provisional virtual asset license.
The company is headed by Calvin Cheng, a Singaporean investor and entrepreneur.
Notably, Cheng recently set up a holding company, to invest in non-fungible NFT tokens and a digital fan token in Dubai.
Business magnate Cheng is also a former member of the Singapore Parliament.
Ching has applied for a license to operate in a regulated ecosystem in the Emirate of Dubai.
For your information, VARA was established in March 2022, and is the world’s first dedicated regulatory body for virtual assets.
Read:UK cryptocurrency exchange hacked, losing $10 million
The authority is expected to play a major role in creating new opportunities in the virtual asset industry in Dubai.
Under the oversight of VARA, all business services will be subject to comprehensive regulatory oversight, and mandatory compliance controls by the Financial Action Task Force (FATF).
VARA indicated that Web3 Holdings FZE would be the first international company to actively seek regulation, despite its ability to operate legally in several other eligible global jurisdictions, added:
This appreciation of the need for strong governance in order for the sector to safely mature and expand reflects the trusted intent of purpose and sound reputation of Mr. Cheng, which has supported our consideration of this company’s participation in the Dubai MVP program.
Calvin Cheng noted that Dubai was rapidly positioning itself as a hub for the world’s leading virtual assets, adding:
The digital asset space was a new area that needed progressive regulators to keep pace with entrepreneurs’ focus on innovation and growth.
We are proud to be the first “NFT VASP” token service provider to enter this regulated ecosystem as our commitment to support strong protection bars for the securely growing crypto industry.
Read:The founder of Litecoin: These are the main currencies in the cryptocurrency world
A new, forward-thinking regulator like VARA is well positioned to cement Dubai’s position as a leading global hub for digital assets.
Read also:
In a Bear Market…Where Are Investors Heading? Is it about bitcoin or ethereum?
The CFTC accuses two people behind a fraudulent crypto project that caused a loss of $44 million to its victims
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time