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Dubai Awards Conditional Crypto License for Green Venture Enjinstarter’s AYA

Web3 Enjinstarter's AYA platform, a Web3 launchpad and advisory firm based in Dubai, has been granted a conditional license by Dubai's Virtual Assets Regulatory Authority (VARA) to offer crypto asset and investment services with a focus on sustainability innovations. The license, issued on December 11, is currently non-operational and is contingent on Enjinstarter fulfilling specific
Enjinstarter’s AYA platform, a Web3 launchpad and advisory firm based in Dubai, has been granted a conditional license by Dubai’s Virtual Assets Regulatory Authority (VARA) to offer crypto asset and investment services with a focus on sustainability innovations.

The license, issued on December 11, is currently non-operational and is contingent on Enjinstarter fulfilling specific conditions and localization requirements outlined by VARA. The platform will undergo regulatory verification and approval upon meeting these prerequisites.

Source: https://enjinstarter.com/

Prakash Somosundram, Enjinstarter and AYA foundation’s co-founder and CEO, expressed the company’s commitment to complying with VARA’s outlined procedures. AYA, as a climate-focused launchpad, supports initiatives related to sustainability, including reforestation, nature credits, mangrove conservation, and sustainable agriculture. Beyond serving as a financial platform for green projects, AYA leverages blockchain and Web3 infrastructure to aid climate action projects.

While awaiting operational license fulfillment, Enjinstarter announced an ongoing collaboration with The Storey Group in the United Arab Emirates on a campaign to plant mangroves in Dubai. Vasseh Ahmed, Enjinstarter MENA’s managing director, emphasized the company’s role in supporting founders and projects within key focus areas, assisting them in building their product narrative, raising capital, and launching initiatives to combat climate change.

Deepa Raja Carbon, managing director and vice chair at VARA, highlighted the regulator’s commitment to agility and collaboration to effectively respond to market needs. VARA adopts a consultative and collaborative approach, engaging with industry leaders, innovators, peer regulators, and legislators.

Carbon emphasized the comprehensive nature of VARA’s guidelines, crafted in coordination with Dubai’s established entities like the Department of Economy and Tourism (DET) and the Dubai Free Zones Council (DFZC), resulting in a unified and adaptable framework resonating with market needs and realities.

Wasif Shakir

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