The Dubai Virtual Asset Regulatory Authority (VARA) has granted its first virtual asset license to a new NFT and fan token company. The company, which is a Web3 Holdings FZE and is owned by Calvin Cheng, a former member of Parliament in Singapore, is going to be the first international business to actively seek regulation, despite the fact that it is able to operate lawfully in a large number of other qualifying global jurisdictions. The business intends to capitalize on the customer assurance and consumer risk protection that the license offers with the aim of expanding its market share. The recently founded business will provide members with unique access to a variety of lifestyle and entertainment clubs through NFTs. In addition to that, the company will provide a fan token system. Unlike NFTs, fan tokens are fungible and interchangeable. Along with Binance, FTX, Crypto.com, and Bybit, the holding firm will operate under full regulatory supervision through its portfolio companies AmberX and Celeb X. AmberX will issue exclusive membership NFTs, and Celeb X will implement an NFT and fan token system that will enable celebrities to better interact with fans on social media. Dubai’s VARA The Dubai Virtual Asset Regulatory Authority is the first specialized regulator in the world to be established for the virtual assets sector. The regulatory authority hopes to create a legislation structure to increase collaboration and innovat...
