How Dubai pips Singapore as the Metaverse, NFT and Web 3.0 hub

How Dubai pips Singapore as the Metaverse, NFT and Web 3.0 hub

Calvin Cheng. — Supplied photo

Calvin Cheng, a former MP from the city state, chooses Dubai over his native Singapore to set up his NFT investment company

Published: Tue 24 May 2022, 5:42 PM Last updated: Tue 24 May 2022, 5:45 PM

Calvin Cheng, a former Parliamentarian from Singapore, investor, and entrepreneur, has formed the first regulated non-fungible token (NFT) and fan token investment company in Dubai.

Dubai’s Virtual Asset Regulatory Authority (VARA) — the world’s first specialised regulator for virtual assets such as cryptocurrency that was established in March this year — has granted the company a provisional licence to operate under full regulatory supervision alongside Binance, FTX, Crypto.com and Bybit.

Cheng, who was named as a Young Global Leader by the World Economic Forum (WEF) in Davos, Switzerland, in 2009, will invest in projects to integrate crypto into fashion, media, and entertainment via Calvin Cheng Web3 Holdings FZE.

The Singaporean weighed in on his decision to invest in virtual assets in Dubai instead of his native Singapore during an exclusive interaction with .

“I believe that actions speak louder than words. For the last few years, Singapore garnered a reputation to be ‘crypto-friendly’ and many crypto firms moved there. In the meantime, the Monetary Authority