Dubai, United Arab Emirates, 4 May 2023: 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 a huge step for Enjinstarter. Initial approval 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 Dubaiverse and 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 a partnership with MENA-focused blockchain ecosystem Crypto Oasis, hosted a sustainability and climate impact roundtable with streaming platform myco, and appointed Vasseh as its managing director. Vasseh brings a wealth of experience to the role, with over 15 years of expertise in strategy, wealth management and fintech leadership roles across GCC and South Asian emerging markets.
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Launched in 2021, Enjinstarter is a next-generation ecosystem and launchpad for promising Web3 gaming, entertainment and metaverse projects. They have supported 70 companies since inception. They have a collective community of more than 200,000 across various social platforms and manage localized communities in South East Asia, India, Turkey and Spain. They have also launched dedicated market-launchers for North America and Indonesia. Enjinstarter also has a fast growing Web3 Innovation Consulting practice that works with brands, large corporates and Web2 companies looking to develop a Web3 strategy. Clients that they have supported include Hatten Land, GCEX and The Orientalist Spirits. Enjinstarter raised US$5 million in their Series A round from True Global Ventures 4 Plus, an equity venture capital firm that invests in serial tech entrepreneurs globally. The company has also received initial approval from Dubai’s Virtual Assets Regulatory Authority, indicating progress in obtaining full permission to operate within Dubai.
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Dubai Virtual Assets Regulatory Authority [VARA] is the world's first specialised regulator for the Virtual Assets sector. 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.