Dubai’s Virtual Assets Regulatory Authority (VARA) has granted a conditional license to Enjinstarter’s AYA platform for offering crypto asset and investment services. The license is subject to certain conditions that need to be fulfilled before the platform can commence its services. Once all the requirements set by VARA are met, the platform will undergo regulatory re-verification and approval.

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

While AYA works on fulfilling the prerequisites for an operational license, the company is collaborating with UAE-based The Storey Group on a campaign to plant mangroves in Dubai. Enjinstarter MENA’s managing director, Vasseh Ahmed, explained that the company aims to work with founders and projects that have unique propositions in their key focus areas by helping them build their product narrative, raise capital, and launch their projects.

VARA, Dubai’s crypto regulator, has expressed its intent to remain agile and collaborative in responding to market needs. The regulator engages in conversations with various stakeholders, including industry leaders, innovators, peer regulators, and legislators, to ensure that its guidelines are comprehensive and aligned with market needs and realities. VARA has also worked in collaboration with established entities in Dubai to create a unified and fungible framework.

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Information	Details
Geography	Middle East
Countries	🇦🇪
Sentiment	very positive
Relevance Score	1
People	Prakash Somosundram, None, Deepa Raja Carbon, Vasseh Ahmed
Companies	AYA Foundation, VARA, DET, The Storey Group, Enjinstarter, DFZC
Currencies	None
Securities	None