The United Arab Emirates has granted Enjinstarter’s AYA platform a provisional license to provide crypto asset and investment services.
The Dubai branch of Enjinstarter, a Web3 launchpad and advisory firm, obtained a cryptocurrency license on December 11, contingent upon meeting specific conditions prior to initiating services. Upon satisfying Dubai’s Virtual Assets Regulatory Authority (VARA) requirements, the platform will undergo regulatory validation and approval.
“The license remains non-operational until the company fully satisfies all remaining conditions and select localization requirements defined by VARA,” the announcement read. However, Prakash Somosundram, the co-founder and CEO of Enjinstarter and the AYA foundation, expressed the company’s commitment to adhere to the procedures outlined by VARA.
AYA functions as a launchpad with a climate-centric emphasis, endorsing innovations in sustainability like reforestation, nature credits, mangrove conservation, and sustainable agriculture. Beyond its role as a financial platform for green initiatives, AYA aids projects dedicated to climate action by leveraging blockchain and Web3 infrastructure.
As AYA works towards meeting the VARA requirements for an operational license, the company has disclosed its ongoing partnership with The Storey Group, based in the United Arab Emirates, for a campaign aimed at planting mangroves in Dubai.
Clarifying the company’s contribution to combating climate change, Vasseh Ahmed, Managing Director of Enjinstarter MENA, said:
“We are looking to work with founders and projects that have a unique proposition within our key focus areas by helping them build their product narrative, raise capital, and launch their projects.”
In a recent interview, Deepa Raja Carbon, Managing Director and Vice Chair at VARA, disclosed the regulator’s commitment to maintaining agility and fostering collaboration to promptly and effectively address market demands.
Carbon also highlighted VARA’s inherent consultative and collaborative approach, emphasizing its engagement in dialogues with a diverse range of stakeholders, including 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 like DET [the Department of Economy and Tourism] and the DFZC [Dubai Free Zones Council] for mainland and the various free zones, we’ve crafted a unified and fungible framework.”
