The Virtual Assets Regulatory Authority (VARA) in Dubai has provisionally licensed Enjinstarter’s AYA platform to provide crypto asset and investment services, with certain conditions to be met before starting operations.
On December 11, Enjinstarter, a Web3 launchpad and advisory firm based in Dubai, was granted a crypto license that is contingent on meeting specific prerequisites set by VARA. The platform must complete all required conditions and adhere to local requirements as defined by VARA to become fully operational. The announcement stated:
“The license will not be active until the company has met all the remaining conditions and specific localization requirements outlined by VARA.”
Enjinstarter has not yet replied to Cointelegraph’s inquiry regarding the specific regulatory requirements. Nonetheless, Prakash Somosundram, co-founder and CEO of Enjinstarter and the AYA foundation, expressed in the official announcement the company’s commitment to fulfilling VARA’s process.
AYA, a climate-centric launchpad, supports sustainable innovations like reforestation, nature credits, mangrove conservation, and sustainable agriculture. Apart from financing green initiatives, AYA also aids climate-focused projects with blockchain and Web3 infrastructure. As AYA works towards meeting VARA’s conditions for a full license, the company has disclosed its collaboration with The Storey Group in the UAE on a mangrove planting campaign in Dubai. Vasseh Ahmed, managing director of Enjinstarter MENA, emphasized the company’s aim to collaborate with founders and projects that bring unique propositions in key focus areas, assisting them in developing their product narrative, raising capital, and launching their projects.
In a recent interview with Cointelegraph, Deepa Raja Carbon, managing director and vice chair at VARA, highlighted the regulator’s goal to be agile and collaborative, swiftly and effectively responding to market demands.
Carbon also shared with Cointelegraph VARA’s approach of engaging in dialogues with various stakeholders, including industry leaders, innovators, peer regulators, and legislators. She emphasized that VARA’s guidelines are comprehensive and aligned with market needs and realities. By collaborating with established Dubai entities like the Department of Economy and Tourism (DET) and the Dubai Free Zones Council (DFZC), VARA has developed a unified and adaptable regulatory framework.
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