Today's Date: March 2, 2024
/C O R R E C T I O N -- Lexus/   •   American Cancer Society Receives NBA Foundation Grant to Increase Underrepresented Students Entering Cancer Research Careers   •   Ventas to Participate in Investor Meetings at Citi 2024 Global Property CEO Conference   •   Children’s Hospital Los Angeles Launches Ninth Annual Make March Matter® Fundraising Campaign   •   Calvin Klein Fragrances announces Idris and Sabrina Elba as the face of new Calvin Klein ETERNITY AROMATIC ESSENCE fragrance cam   •   Croptimistic Releases Inaugural Sustainability Report   •   Standing Buffalo and Canada sign roadmap to advance reconciliation and rebuild their relationship   •   The Family Initiative (TFI) Becomes One of the Largest Community-Based Care Child Welfare Agencies in the U.S.   •   Barnes & Noble Education Receives Continued Listing Standard Notice From NYSE   •   University of Phoenix Continues Nationwide Networking Series, "Small Bites, Big Connections," Fostering Alumni Community Bonds   •   WM Elects Tom Bené to Board of Directors   •   Canada is connecting more than 150 Northwest Territories households to high-speed Internet and bringing mobile connectivity to r   •   Strong Tower Consulting Named One of the Best Places to Work in Consulting   •   Pittsburgh 12th Grader Selected to Join Million Girls Moonshot Flight Crew   •   Duncan's First Nation celebrates the opening of a new water treatment plant   •   EMPOWER Leads Foster Care Services for All Children and Families in the Metroplex East Region   •   Robust AI: Transforming Education and Healthcare with AI-Powered Teacher Apps   •   1,000 Dream Fund Kicks Off Women's History Month Celebration with Twitch Charity Fundraiser in Partnership with Twitch Women's U   •   AHF Opens Food Pantry for San Diego Veterans   •   Minister Qualtrough announces investments in sport and physical activity opportunities for Indigenous communities
Bookmark and Share

AYA Platform of Enjinstarter Granted Virtual Asset Service Provider Licence by Dubai’s Virtual Assets Regulatory Authority

DUBAI, United Arab Emirates , December 09 /Businesswire/ - Web 3 Innovations FZE (trading as AYA), the Dubai entity of Enjinstarter, a leading Web3 launchpad and advisory company, today announced that it has been granted a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide Virtual Asset Management and Investment Services. The licence remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.

“This is a great day for AYA and a huge milestone for us. The VASP licence process demonstrates our compliance with the VARA process as we leverage Web3 to help bridge the climate financing gap,” said Prakash Somosundram, co-founder and CEO of Enjinstarter and AYA Foundation. “We are thankful to VARA for taking a collaborative approach towards understanding our business and working closely with us throughout the application process. We are now poised to leverage the licence approval and accelerate operational set-up to deliver impact as soon as we conclude the outstanding regulatory pre-requisites.”

Enjinstarter will soon commence operationalising its climate-focused launchpad, AYA, which aims to support the next generation of sustainability innovation. Acting as a green financing bridge, AYA will connect retail investors, high-net-worth individuals, and institutional investors with startups working in areas such as reforestation, nature credits, mangrove conservation, and sustainable agriculture. It will also provide startups with access to innovative technologies and incubation services. AYA’s pipeline already includes UCO Network, a platform to optimise the collection, processing, and trading of used cooking oil while rewarding responsible actions, and other nature-based projects looking to leverage blockchain and Web3 for climate action.

As one of its first initiatives, AYA is collaborating with UAE-based The Storey Group on a campaign to plant mangroves in Dubai. Everyone who joins the AYA community will have a mangrove tree planted in their name and will receive a digital certificate with the exact coordinates of the tree.

“AYA’s main contribution to the fight against climate change is as a platform to scale the pace of climate innovation and action,” said Vasseh Ahmed, managing director of Enjinstarter MENA. “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. We already have projects in the pipeline and look forward to working with them.”

This announcement comes as Enjinstarter is playing a key role at COP28 in Dubai. Somosundram, at the invitation of the government of Palau, was present in the blue zone for the first round of climate negotiations. He gave a keynote speech at the CC Forum alongside member of the Abu Dhabi ruling family, HRH Sheikh Tahnoon bin Saeed bin Tahnoon Al Nahyan, the president of Palau, Surangel Whipps, and the president of Nigeria, Bola Tinubu. Ahmed participated in two panel discussions: one on UAE-based sustainable startups moderated by SustainUAE and one on financing SMEs and fintech as part of Abu Dhabi Sustainability Week’s special edition at COP28.

Somosundram also gave a keynote speech at The Convergence, a COP28 event experience hosted in the Slovenia pavilion in the Green Zone. The event featured the premiere of a short film entitled “The Ripple” by local filmmaker Jamshad Ali. Ali received a grant from AYA, myco, and the Dubai Film Society to produce the film on sustainability and impact. Enjinstarter is also collaborating with The Convergence and the Palau government on a documentary about the island nation’s fight against climate change.

AYA will have a dedicated booth in the Green Zone from December 8th-12th.

“It’s an honour to be participating at the world’s most influential climate conference and adding our voice to the collective climate change conversation,” added Somosundram. “Groundbreaking ideas and agreements have already come out of this year’s edition, especially with respect to climate financing, and we expect more great work to be done during the second week. As we move into 2024, VARA licence in hand, we will be ready and able to do our part in the fight against climate change.”

About Enjinstarter

Launched in 2021, Enjinstarter is a next-generation ecosystem and launchpad for promising Web3 gaming, AI, entertainment, climate and metaverse projects. It has supported 80 companies since inception. In October 2023, Enjinstarter launched AYA, an climate-focused launchpad headquartered in Dubai. Enjinstarter raised US$5 million in their Series A round from True Global Ventures 4 Plus. The company holds a Virtual Asset Service Provider licence from Dubai’s Virtual Assets Regulatory Authority.


About VARA:

Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

For more information visit:

*Source: AETOSWire

STORY TAGS: Environment, Technology, Climate Change, Professional Services, Sustainability, Software, Asset Management, Web3, Artificial Intelligence, Business Update, Product/Service, Ireland, United Kingdom, Europe, United Arab Emirates, Middle East,


White House Live Stream
Breaking News
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Sounds Make the News ®
Atlanta - WAOK-Urban
Berkley / San Francisco - KPFA-Progressive
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
Washington - WOL-Urban

Listen to United Natiosns News