AYA’s Climate-Focused Mission
Enjinstarter’s AYA platform stands at the forefront of sustainable innovation, championing climate-friendly initiatives such as reforestation, nature credits, mangrove conservation, and sustainable agriculture. The platform acts as a launchpad for projects dedicated to creating positive environmental impact through blockchain and Web3 technology.
Conditional License Approval by VARA
In a significant development, Dubai’s Virtual Assets Regulatory Authority (VARA) has granted a conditional crypto license to Enjinstarter’s AYA platform. The license, received on December 11, is subject to fulfilling specific conditions outlined by VARA before the commencement of operational services.
Operational Status Pending Fulfillment
Despite the grant of the conditional license, Enjinstarter’s AYA platform remains non-operational until all requirements are fully satisfied. The company must meet VARA’s stipulated conditions and select localization requirements. The next steps involve regulatory verification and approval, ensuring compliance with the regulatory framework.
Enjinstarter’s Response and Commitment
In the official announcement, Prakash Somosundram, the co-founder and CEO of Enjinstarter and the AYA foundation, expressed the company’s commitment to the regulatory process outlined by VARA. The CEO assures compliance with the conditions set forth by the regulatory authority.
AYA’s Role in Climate Action
While AYA awaits fulfillment of VARA’s prerequisites for an operational license, the platform actively engages in climate action. Enjinstarter revealed an ongoing collaboration with The Storey Group, a United Arab Emirates-based entity, on a campaign to plant mangroves in Dubai. Vasseh Ahmed, Managing Director of Enjinstarter MENA, explains the company’s dedication to fighting climate change by working with founders and projects that align with their key focus areas.
“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.“
The collaborative efforts between Enjinstarter and The Storey Group highlight the commitment to environmental conservation. By planting mangroves, the companies contribute to Dubai’s sustainability goals, showcasing the importance of public-private partnerships in addressing climate challenges.
Crafting a Unified Framework
Carbon shares details about VARA’s consultative and collaborative approach, engaging in conversations with industry leaders, innovators, peer regulators, and legislators. The regulatory guidelines are crafted to be comprehensive, resonating with the market’s needs and realities. VARA collaborates with established entities like DET (Department of Economy and Tourism) and DFZC (Dubai Free Zones Council) to create a unified and fungible framework.
“In concert with Dubai’s established entities like DET and the DFZC for mainland and the various free zones, we’ve crafted a unified and fungible framework,” concludes Deepa Raja Carbon.
This development signifies Dubai’s commitment to fostering a regulatory environment conducive to the growth of climate-focused Web3 initiatives, positioning the city as a hub for sustainable blockchain projects. As Enjinstarter progresses through the regulatory process, the collaboration with The Storey Group exemplifies the industry’s dedication to making a positive impact on the environment.