UAE based EnjinStarter MENA, a web3 Launchpad and incubator, has become the first launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

According to the unilateral announcement, EnjinStarter will continue to undertake 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.

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 license 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.

“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.