Dubai's Virtual Assets Regulatory Authority (VARA) has conditionally licensed Enjinstarter's AYA platform, supporting eco-friendly projects like reforestation and sustainable agriculture. Pending regulatory compliance, the license allows AYA to offer crypto services.
Enjinstarter must meet VARA's requirements before operational status. Prakash Somosundram, Enjinstarter's CEO, pledged compliance. AYA specializes in sustainable initiatives and supports climate-focused projects using blockchain technology.
In an interview with Cointelegraph, Deepa Raja Carbon, VARA's managing director and vice chair, emphasized the regulator's adaptability and collaborative approach to address market demands swiftly. Carbon highlighted VARA's engagement with industry leaders, innovators, regulators, and lawmakers to ensure comprehensive and market-aligned guidelines, emphasizing collaboration with Dubai's key entities to establish a unified framework.
While fulfilling VARA's conditions, Enjinstarter collaborates with The Storey Group for a mangrove planting campaign. Vasseh Ahmed, Enjinstarter MENA's managing director, highlights the company's commitment to climate action.
Deepa Raja Carbon, VARA's managing director, stresses their adaptable approach to swiftly respond to market needs, emphasizing collaborative efforts to establish unified regulatory frameworks, aligning with Dubai's entities.
These developments highlight VARA's support for eco-driven crypto initiatives, showcasing Dubai's commitment to sustainability in the crypto space.