Dubai\u2019s Virtual Assets Regulatory Authority (VARA) granted a conditional license to Enjinstarter\u2019s AYA platform for offering crypto asset and investment services.\u00a0<\/p>\n
On Dec. 11, the Dubai arm of Web3 launchpad and advisory firm Enjinstarter received a crypto license subject to fulfilling certain conditions before the commencement of services. After meeting all the requirements of the Dubai regulator VARA, the platform will be subject to regulatory re-verification and approval. The announcement read:<\/p>\n
Enjinstarter has not yet responded to Cointelegraph\u2019s request for comments about the outstanding regulatory prerequisites. However, in the official announcement, Prakash Somosundram, the co-founder and CEO of Enjinstarter and AYA Foundation, shared the company\u2019s willingness to comply with the process laid out by VARA.<\/p>\n
AYA is a climate-focused launchpad that supports innovations around sustainability \u2014 such as reforestation, nature credits, mangrove conservation, and sustainable agriculture. In addition to serving as a finance platform for green initiatives, AYA helps out projects dedicated to climate action with blockchain and Web3 infrastructure.<\/p>\n
Related: <\/em><\/strong>Dubai\u2019s crypto regulator VARA switches leadership as it ramps up operations<\/em><\/strong><\/p>\n While AYA works on fulfilling the VARA prerequisites for an operational license, the company revealed its ongoing collaboration with UAE-based The Storey Group on a campaign to plant mangroves in Dubai. Explain the company\u2019s role in helping fight climate change, Vasseh Ahmed, managing director of Enjinstarter MENA stated: <\/p>\n A recent Cointelegraph interview with Deepa Raja Carbon, managing director and vice chair at VARA, revealed the regulator\u2019s intent to remain agile and collaborative to respond swiftly and effectively to market needs.<\/p>\n Carbon also told Cointelegraph about VARA\u2019s inherent consultative and collaborative approach, wherein conversations with various stakeholders from industry leaders and innovators to peer regulators and legislators, are engaged. <\/p>\n \u201cWe ensured our guidelines are comprehensive and resonate with the market’s needs and realities. By working in concert with Dubai\u2019s established entities like DET and the DFZC for Mainland and the various free zones, we\u2019ve crafted a unified and fungible framework,\u201d she concluded.<\/p>\n