Dubai’s Virtual Assets Regulatory Authority (VARA) has conditionally approved a crypto asset and investment services license for Enjinstarter’s AYA platform. This decision, announced on December 11, marks a pivotal step for the Web3 launchpad and advisory firm in expanding its footprint in the burgeoning digital asset space.
Enjinstarter aims to meet VARA’s stringent requirements
Enjinstarter, recognized for its Web3 initiatives, has been granted this license with a set of conditions that must be fulfilled before commencing its services. VARA, known for its rigorous regulatory framework, requires the AYA platform to satisfy all pre-set conditions and adhere to specific localization requirements. Only upon successful verification and approval by VARA will the license become operational. Prakash Somosundram, co-founder and CEO of Enjinstarter and the AYA foundation, expressed commitment to complying with VARA’s guidelines, emphasizing the organization’s dedication to regulatory adherence.
AYA: Pioneering sustainability through blockchain
AYA, distinct in its focus on climate, is a launchpad supporting sustainable initiatives such as reforestation, mangrove conservation, and sustainable agriculture. It not only serves as a financial platform for green projects but also provides blockchain and Web3 infrastructure for climate action endeavors. Currently, AYA is engaged in a collaboration with The Storey Group, based in the United Arab Emirates, for a mangrove planting campaign in Dubai. Vasseh Ahmed, managing director of Enjinstarter MENA, outlined the company’s mission to assist projects with unique propositions in their focus areas, from product development to fundraising and launch.
Deepa Raja Carbon, managing director and vice chair at VARA, highlighted the regulator’s commitment to agility and collaboration. She emphasized the importance of engaging with various stakeholders, including industry leaders and peer regulators, to ensure guidelines resonate with market needs. This approach has led to the creation of a unified framework in collaboration with Dubai’s Department of Economy and Tourism (DET) and the Dubai Free Zones Council (DFZC), showcasing VARA’s dedication to creating a comprehensive and adaptable regulatory environment for the digital assets sector.
This development is a testament to Dubai’s growing influence in the global cryptocurrency market, with VARA playing a crucial role in shaping a balanced and forward-thinking regulatory landscape. As Enjinstarter gears up to meet VARA’s conditions, the future of sustainable blockchain projects in the region looks promising, bolstered by strong regulatory support and innovative platforms like AYA.