Dubai’s Virtual Assets Regulatory Authority (VARA) has granted Enjinstarter’s AYA platform a conditional license to offer crypto assets and investment services.
On December 11, the Dubai branch of Enjinstarter, a Web3 launchpad and consultancy firm, received authorization to offer cryptocurrencies, subject to the fulfillment of certain conditions before the launch of services. Once the platform meets all the requirements of VARA, it will be subject to verification and approval by the authorities. The ad says:
“The license will remain unavailable until the company fully satisfies all remaining conditions and selected localization requirements as defined by VARA.”
Enjinstarter has not yet responded to Cointelegraph’s request for comment on the pending regulatory prerequisites. However, in the official announcement, Prakash Somosundram, co-founder and CEO of Enjinstarter and AYA Foundation, shared the company’s willingness to comply with the process established by VARA.
The EHEA is a climate-focused launch pad that supports sustainability innovations such as reforestation, nature credits, mangrove conservation and sustainable agriculture. In addition to serving as a financial platform for green initiatives, AYA also helps climate action projects with its blockchain and Web3 infrastructure.
Related: Dubai VARA changes management and expands operations
While we wait for AYA to meet VARA prerequisites to obtain an operating licence, the company has announced its ongoing collaboration with UAE-based The Storey Group on a mangrove planting campaign in Dubai. Enjinstarter MENA CEO Vasseh Ahmed summarized the company’s role in combating climate change as follows:
“We aim to work with founders and projects with a unique vision in our core focus areas, helping them develop their product stories, raise capital and launch their projects.”
A recent Cointelegraph interview with VARA CEO and Vice President Deepa Raja Carbon revealed the regulator’s intention to remain agile and collaborative to respond quickly and effectively to market needs.
Carbon also told Cointelegraph about VARA’s consultative and collaborative approach, which engages in discussions with a variety of stakeholders, from industry leaders to innovators, legislators and regulators.
“We have ensured that our rules are comprehensive and responsive to the needs and realities of the market. Working with Dubai’s established bodies such as DET (Department of Economy and Tourism) and DFZC (Dubai Free Zones Council), we have created a unified and modifiable framework across the mainland and various free zones.”he finished.
Translation by Walter Rizzo