Dubai grants conditional cryptocurrency license to climate-friendly Web3 company.

Dubai Virtual Asset Regulatory Authority (VARA) has granted a conditional license to Enjinstarter’s AYA platform to provide cryptocurrency assets and investment services.

On December 11, Enjinstarter, the Dubai arm of Web3 Launchpad and advisory firm, received a cryptocurrency license subject to certain conditions before launching services. After meeting all requirements of VARA, the platform will undergo regulatory verification and approval. The announcement is as follows:

“The license will not be operational until the company fully satisfies all remaining conditions and selects the localization requirements defined by VARA.”

Enjinstarter has not yet responded to Cointelegraph’s request for comment on its outstanding regulatory prerequisites. However, in an official announcement, Prakash Somosundram, co-founder and CEO of Enjinstarter and AYA Foundation, shared the company’s commitment to comply with the process laid out by VARA.

AYA is a climate-focused launchpad that supports innovations in sustainability such as reforestation, nature credits, mangrove conservation, and sustainable agriculture. In addition to serving as a financial platform for green initiatives, AYA supports projects dedicated to climate action through blockchain and Web3 infrastructure.

Related: Dubai’s cryptocurrency regulator VARA transitions to leadership as it expands operations

AYA said it was continuing its collaboration with UAE-based The Storey Group on the Dubai mangrove planting campaign while working to meet VARA prerequisites for an operating license. Explaining the company’s role in the fight against climate change, Vasseh Ahmed, Managing Director of Enjinstarter MENA, said:

“We want to partner with founders and projects with unique propositions within our core focus areas by helping them build product narratives, raise capital, and get their projects off the ground.”

A recent Cointelegraph interview with Deepa Raja Carbon, Managing Director and Vice Chairman of VARA, revealed the regulator’s intention to remain agile and collaborative to respond quickly and effectively to market demands.

Carbon also explained VARA’s unique consulting and collaborative approach to Cointelegraph. VARA engages in dialogue with a variety of stakeholders, from industry leaders and innovators to fellow regulators and legislators.

“We have ensured that our guidance is comprehensive and aligned with the needs and realities of the market. “We have worked with existing institutions in Dubai, including the Department of Economic Affairs and Tourism (DET) and the Dubai Free Zones Council (DFZC) covering the mainland and various free zones, to create an integrated and fungible framework,” she concluded.

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