Dubai Grants Climate-based AYA Platform Conditional VARA License

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Dubai’s financial regulator, the Virtual Asset Regulatory Authority (VARA) has issued a conditional operating license to AYA Platform, a web3 launchpad subsidiary of Enjinstarter.

In a recent press release, the company disclosed the regulatory nod obtained by VARA to operate as a virtual asset service provider although the license remains non-operational until the firm satisfies all obligations.

“(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) license from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide Virtual Asset Management and Investment Services.”

AYA will focus as a pro-climate launchpad supporting breaking technologies around climate innovations acting as financial middlemen for certain green projects.

Playing a key role as a financing bridge, AYA seeks to connect institutional investors to web3 solutions dealing with climate-related fields such as carbon credits trading, reforestation, mangrove conservation, and sustainable agriculture.

The platform prioritizes climate goals in line with the country’s vision towards climate action already involved in several sustainable blockchain projects including onboarding efficient agricultural processes.

Blockchain executives roll out climate initiatives

Carbon trading and other associated activities on-chain have received significant attention in the last week following the United Nations Climate Conference (COP28) and other attempts to address climate change.

Industry experts have rolled out several templates and solutions for reducing emissions while adding more functionality to the digital asset market. Carbon trading allows firms to trade carbon credits and monitor the effects of their activities on the environment.

Last week, an Abu Dhabi government-related research group unveiled a lightweight blockchain for carbon tracking and emissions to reduce the impact of web3 projects on the environment.

Our Cryptography Research Center (CRC) today launched its very own blockchain-powered carbon trading platform to facilitate international trade in carbon tokens. pic.twitter.com/0ablTqxfbY

— Technology Innovation Institute (@TIIuae) December 5, 2023

Designed by the Technology Innovation Institute’s Cryptographic Research Center, it aims to register carbon emissions from public and public organizations creating an easier way to assess climate impact.

“Using a lightweight, energy-efficient blockchain implementation that is not computationally wasteful, as opposed to existing blockchain projects, tracking and trading activities can be verified publicly at little to no cost.” 

Furthermore, the business entity of digital asset exchange, OKX also joined the Ethereum Climate Platform (ECP) pledging its commitment to support a reduction of web3 carbon footprint to the environment.

A green future for digital assets

In recent years, cryptocurrencies and virtual asset companies have come under fire from climate activists and regulators over high energy usage about the size of some countries. Despite this, pro-crypto analysts poked holes at the argument stating that other sectors use similar amounts and the sector has made huge progress in solar mines.

Prakash Somosundram, the co-founder of Enjinstarter expressed delight over the move to bridge the gap in climate financing in line with its ambition.

“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 license approval and accelerate operational set-up to deliver impact as soon as we conclude the outstanding regulatory pre-requisites.”

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