Dubai’s Virtual Assets Regulatory Authority (VARA) has issued Enjinstarter’s AYA climate-focused platform a conditional license to provide crypto asset and investment services.
Enjinstarter, a Web3 launchpad and advisory firm, obtained a cryptocurrency license for its Dubai operation on December 11. However, before commencing services, the organization must satisfy specific conditions.
After the platform has met all VARA requirements, it will be subject to regulatory approval and verification. The announcement was as follows:
“The license remains non-operational until the company fully satisfies all remaining conditions and select localization requirements defined by VARA.”
As of now, Enjinstarter still needs to respond to the inquiry for comments made by Cointelegraph regarding the remaining regulatory requirements. Nevertheless, Prakash Somosundram, co-founder and CEO of Enjinstarter and the AYA foundation, expressed the organization’s readiness to adhere to the procedure specified by VARA in the official statement.
AYA is a climate-focused incubator promoting sustainable innovations, including but not limited to sustainable agriculture, nature credits, reforestation, and mangrove conservation.
AYA, which also functions as a financial platform for environmentally friendly initiatives, provides support to climate action projects through the utilization of Web3 infrastructure and blockchain technology.
AYA disclosed its ongoing partnership with The Storey Group, based in the United Arab Emirates, to plant mangroves in Dubai. At the same time, the organization works to meet the VARA requirements for an operational license.
In elucidating the organization’s contribution to the global effort against climate change, Enjinstarter MENA managing director Vasseh Ahmed declared:
“We are looking to work with founders and projects that have a unique proposition within our key focus areas by helping them build their product narrative, raise capital, and launch their projects.”
In a recent interview, Deepa Raja Carbon, vice chair and managing director at VARA, disclosed the regulatory body’s determination to maintain a collaborative and adaptable approach to address market demands promptly and efficiently.
Carbon further commented on VARA’s consultative and collaborative nature, stating that the organization engages in dialogues with various stakeholders, including legislators, peer regulators, industry leaders, and innovators.
“We took care to ensure that our guidelines are exhaustive and reflective of the realities and needs of the market.” She concluded, “We have crafted a unified and interchangeable framework by collaborating with Dubai’s established entities, including DET [the Department of Economy and Tourism] and the DFZC [Dubai Free Zones Council] for the mainland and the various free zones.”
