Web3 launchpad and advisory company Enjinstarter MENA announced today that it has been granted initial approval by Dubai’s Virtual Assets Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a licence, in accordance with VARA requirements.
With the Middle East and North Africa considered to be a booming Web3 market, Enjinstarter is seeking a foothold in the region as it aims to be the premier launchpad and incubator for Web3 metaverse, gaming, and entertainment experiences. Along with operating out of Dubai, the metaverse capital of the world, Enjinstarter has ambitious plans to be the go-to provider for Web3 adoption in the region, including the addition of more portfolio projects focusing on impact and sustainability initiatives that complement the UAE’s commitment to climate action.
“This is an important step for Enjinstarter. Getting initial approval and continuing with our licence application makes clear our commitment to achieving the highest standards of accountability and transparency in the Web3 space. We are committed to conforming to VARA’s high standards and know this will only accelerate our growth in the Middle East and beyond,” said Prakash Somosundram, co-founder and CEO of Enjinstarter.
VARA, established in March 2022 under the Dubai Virtual Asset Regulation Law, is the first regulator of its kind to oversee virtual assets and aims to create an advanced legal framework to protect investors and set international standards for the virtual assets industry, and to enable responsible business growth in and from the Emirate.
“Dubai has been laser-focused on establishing itself as a global hub for Web3. It continues to provide much-needed leadership in terms of regulation and innovation, especially with initiatives such as VARA’s own foray into The Sandbox. We are looking forward to getting started here and contributing to Dubai’s growing Web3 ecosystem,” added Vasseh Ahmed,
Enjinstarter MENA’s managing director.
Since inception in Dubai three months ago, Enjinstarter MENA has signed key partnerships with MENA-focused blockchain ecosystems, Crypto Oasis and Masary Capital, hosted a sustainability and climate impact roundtable with streaming platform myco, and appointed Vasseh as its managing director.