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Even Singapore Ex-MPs are Getting Virtual Asset Licenses in Dubai

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Former Singapore Nominated Member of Parliament (NMP) Calvin Cheng has gained a provisional Virtual Asset License in Dubai.

The famed investor and entrepreneur has formed Web3 Holdings FZE – the first regulated NFT and fan token investment holding company in the Middle Eastern region.

Web3 Holdings FZE’s portfolio includes Amber X and Celeb X. The former offers an NFT membership that provides access to the F1’s leading VIP lounge – Amber Lounge. Celeb X is an NFT token system that allows celebrities to interact directly with their fans.

The move comes as exchanges and crypto firms are fleeing from Singapore to Dubai due to reglatory stringency.

Read more: UAE Could Be Next Crypto Hub as Bourses Expand to Dubai

In March 2022, the Dubai Virtual Asset Regulatory Authority (VARA) was established as the world’s first regulator for virtual assets.

Cheng was appointed as an NMP in 2009 but was criticized for being a member of Young PAP – PAP’s youth wing – as NMPs are supposed to be nonpartisan. Whilst Cheng resigned from Young PAP shortly after his NMP appointment, he is still known for his controversial and outspoken views on socio-political issues in Singapore on Facebook.

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