Dubai Virtual Asset Regulatory Authority (VARA) has granted a conditional license to Enjinstarter’s AYA platform to provide cryptocurrency assets and investment services.
On December 11, Enjinstarter, the Dubai arm of Web3 Launchpad and advisory firm, received a cryptocurrency license subject to certain conditions before launching services. The platform will undergo regulatory revalidation and approval after meeting all requirements of Dubai regulator VARA. The announcement is as follows:
“The license will not be operational until the company fully satisfies all remaining conditions and selects the localization requirements defined by VARA.”
Enjinstarter has not yet responded to Cointelegraph’s request for comment on its outstanding regulatory prerequisites. However, in an official announcement, Prakash Somosundram, co-founder and CEO of Enjinstarter and AYA Foundation, shared the company’s commitment to comply with the process laid out by VARA.
AYA is a climate-focused launchpad that supports innovations in sustainability, including reforestation, nature credits, mangrove conservation, and sustainable agriculture. In addition to serving as a financial platform for green initiatives, AYA supports projects committed to climate action through blockchain and Web3 infrastructure.
Related: Dubai’s cryptocurrency regulator VARA transitions to leadership as it expands operations
AYA has unveiled its ongoing collaboration with UAE-based The Storey Group on the Dubai Mangrove Planting Campaign as it works to meet VARA prerequisites for its operating license. Vasseh Ahmed, Managing Director of Enjinstarter MENA, explains the company’s role in combating climate change.
“We want to partner with founders and projects with unique propositions within our core focus areas by helping them build product narratives, raise capital, and get their projects off the ground.”
A recent Cointelegraph interview with Deepa Raja Carbon, Managing Director and Vice Chairman of VARA, revealed the regulator’s intention to remain agile and collaborative to respond quickly and effectively to market demands.
Carbon also spoke to Cointelegraph about VARA’s unique consulting and collaborative approach, which involves dialogue with a variety of stakeholders, from industry leaders and innovators to fellow regulators and legislators.
“We have ensured that our guidance is comprehensive and aligned with the needs and realities of the market. Working with existing institutions in Dubai such as DET, the mainland and the DFZC in the various free zones, we have created an integrated and fungible framework,” she concluded.
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