Dubai Grants Conditional Crypto License to Climate-Friendly Web3 Firm

Dubai's Virtual Assets Regulatory Authority (VARA) has awarded a conditional license to Enjinstarter's AYA platform, allowing the firm to offer crypto asset and investment services. The license is subject to Enjinstarter fulfilling certain conditions before commencing operations. Once all requirements are met, the platform will undergo regulatory re-verification and approval.

Enjinstarter's Commitment to Compliance

In an official announcement, Enjinstarter's co-founder and CEO, Prakash Somosundram, expressed the company's willingness to comply with the process defined by VARA. Enjinstarter has not yet commented on the outstanding regulatory prerequisites.

AYA: A Climate-Focused Launchpad

AYA, Enjinstarter's platform, is dedicated to supporting sustainability initiatives such as reforestation, nature credits, mangrove conservation, and sustainable agriculture. In addition to serving as a finance platform for green projects, AYA leverages blockchain and Web3 infrastructure to assist climate action initiatives.

Ongoing Collaboration with The Storey Group

While working towards meeting VARA's requirements for an operational license, Enjinstarter is partnering with UAE-based The Storey Group on a campaign to plant mangroves in Dubai. This collaboration highlights the company's commitment to fighting climate change.

VARA's Agile and Collaborative Approach

In a recent interview, Deepa Raja Carbon, managing director and vice chair at VARA, emphasized the regulator's intent to respond swiftly and effectively to market needs. VARA maintains a consultative and collaborative approach by engaging with industry leaders, innovators, peer regulators, and legislators.

"We ensured our guidelines are comprehensive and resonate with the market's needs and realities. By working in concert with Dubai's established entities, we've crafted a unified and fungible framework," Carbon concluded.