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Enjinstarter’s AYA Platform Secures Conditional Crypto License in Dubai

  • The platform will undergo regulatory verification and approval when it satisfies all requirements.
  • AYA assists climate action projects and acts as a financing platform for green ventures.

In order to provide crypto asset and investment services, Enjinstarter’s AYA platform was awarded a conditional license by Dubai’s Virtual Assets Regulatory Authority (VARA).

Web3 Launchpad and Advisory Firm Enjinstarter’s Dubai arm acquired a crypto license on December 11; nevertheless, they still need to meet several requirements before they can begin providing their services. The platform will undergo regulatory verification and approval when it satisfies all of VARA’s standards.

The announcement stated:

“The license remains non-operational until the company fully satisfies all remaining conditions and select localization requirements defined by VARA.”

Nevertheless, Prakash Somosundram, co-founder and CEO of Enjinstarter and the AYA foundation, expressed the company’s readiness to follow the procedure outlined by VARA in the formal release.

Sustainability-focused technologies, including reforestation, nature credits, mangrove protection, and sustainable agriculture, are supported by AYA, a climate-focused launchpad. With its blockchain and Web3 infrastructure, AYA assists climate action projects and acts as a financing platform for green ventures.

Eyeing an Operating License

In the meantime, AYA has announced its continued partnership with The Storey Group of the United Arab Emirates on a mangrove planting initiative in Dubai, as the firm strives to meet the VARA requirements for an operating license.

Keeping an agile and collaborative approach would allow VARA to adapt quickly and effectively to market requirements, according to Deepa Raja Carbon, managing director and vice chair of VARA.

Carbon continued by discussing VARA’s collaborative and consultative strategy, which it uses to have interactions with a wide range of stakeholders, including lawmakers, peer regulators, innovators, and industry leaders.

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