Home
News
- Cheng, who was selected a Young Global Leader by the World Economic Forum (WEF) in Davos, Switzerland, in 2009, will invest through Calvin Cheng Web3 Holdings FZE in initiatives that combine crypto into fashion, media, and entertainment.
- NFTs, according to Cheng, are what social media platforms are to Web 2.0. It’s something that the average person can grasp and use to drive widespread acceptance.
- The Singapore Monetary Authority dragged their days, and when they eventually did act, they came out as unduly cautious, prompting major crypto companies such as Binance to leave.
Calvin Cheng, a former Singaporean parliamentarian, investor, and entrepreneur, has established Dubai’s first licenced non-fungible token (NFT) and fan token investment company.
The company has been granted a provisional license to operate under full regulatory supervision alongside Binance, FTX, Crypto.com, and Bybit by Dubai’s Virtual Asset Regulatory Authority (VARA), the world’s first specialized regulator for virtual assets such as cryptocurrency, which was established in March this year.
Digital Assets And Currencies Will They Be Able To Penetrate The Mainstream
Cheng, who was selected a Young Global Leader by the World Economic Forum (WEF) in Davos, Switzerland, in 2009, will invest through Calvin Cheng Web3 Holdings FZE in initiatives that combine crypto into fashion, media, and entertainment. During an exclusive interview with, the Singaporean discussed his decision to invest in virtual assets in Dubai rather than his home country.
Actions, not words, I believe, speak louder than words. Singapore has a reputation for being ‘crypto-friendly,’ and several crypto companies have relocated there in recent years. Meanwhile, the Singapore Monetary Authority dragged their days, and when they eventually did act, they came out as unduly cautious, prompting major crypto companies such as Binance to leave. Dubai, on the other hand, quickly established itself as a modern and open-minded city, attracting and licensing four of the world’s top cryptocurrency exchanges — Binance, FTX, Crypto.com, and Bybit. NFTs would be controlled in the future, thus it was better for me to get an early start.
He refused to say how long it took the VARA to award his company a provisional license. This is classified and confidential information. When dealing with a new, disruptive industry, I found VARA to be efficient, open-minded, and adaptable, which is exactly what a regulator should be, he added.
Cheng commented on his holding company’s function. I believe that mainstream acceptance is the next step in the evolution of digital assets/metaverse. Only when a larger audience understands digital assets and currencies will they be able to penetrate the mainstream. This corresponds to the development of the internet. Traditional businesses, for example, viewed the internet as a fad in the mid-1990s, and the early adopters were largely geeks and enthusiasts. It wasn’t until online firms established themselves that they were able to grow.
Widespread Acceptance
NFTs, according to Cheng, are what social media platforms are to Web 2.0. It’s something that the average person can grasp and use to drive widespread acceptance. A collectible is something that everyone is familiar with. A membership, sometimes known as a ticket, is something that everyone is familiar with. NFTs lend themselves most readily to the worlds of arts, fashion, sports, media, and entertainment, Cheng said.
He is sure that NFTs will be the driving force behind Web 3. I have a lot of expertise in the media and entertainment industry, and I have a lot of connections there. My projects will take these businesses that I already own or have contacts with and bring them into the Web 3.0 era.
ALSO READ: An Apple For EBay From Wayne Gretzky
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
