We know you’ve heard it before. But it’s true that bear markets are for builders. Yet, people often think building only means getting more product out the door to customers. And that IS important. Other things matter in building too, like opportunities for growth and legal compliance. Moving towards both of these goals, launchpad Enjinstarter announces it now has initial approval with Dubai’s VARA. Now they can apply for the full license.
Why does this matter and what is Enjinstarter looking to get out of this deal? Let’s find out.
Who Cares About Compliance?
We know there are many of you out there, especially among old Bitcoiners and cypherpunks, who see all regulations as bad and unnecessary for our industry. Sadly, that’s not a practical position for most projects. Enjinstarter sees the MENA region as vital to future growth. Combine this with Dubai’s emergence as a hub for the industry and going for a license with VARA is a natural choice.
VARA became law about a year ago. It’s the first regulator to oversee virtual assets and give them a road to compliance so they can operate safely and legally.
With this announcement, Enjinstarter can set up Enjinstarter MENA in Dubai. The launchpad can start operations and work towards its goal of becoming the place to launch new Web3 and Metaverse projects in the region.
“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 or not, Dubai wants to be the global hub for crypto. Not just a regional one, as it already is. Dubai has big goals and VARA helps give clarity to projects so they can locate or relocate there.
“Dubai is 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.
Without an office in the region, Enjinstarter MENA already has some excellent partnerships lined up with MENA-based blockchain projects. This new approval will only speed up the pace of new partnerships in the future.
Enjinstarter is currently trading at $0.0044 or less than 4/10s of a cent, according to CoinGecko. 72% of the total supply (3.6 billion) is the circulating supply on a total supply of 4.9 billion. The most active exchanges for Enjinstarter include Gate.io, MEXC, and PancakeSwap.
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