Mastercard has launched its Crypto Credential solution in the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East, and Africa (EEMEA) region. This innovative solution simplifies cryptocurrency transactions and enhances trust within the ecosystem by enabling users to send and receive digital assets using aliases instead of complex blockchain addresses.
A Safer, Smarter Crypto Experience
The system ensures transactions proceed only if the recipient’s wallet supports the transferred asset, reducing risks of failed or lost funds.
“As the cryptocurrency landscape matures, our focus is on making crypto more accessible, secure, and trusted,”
said Gaurang Shah, Mastercard’s EVP and Head of Core Payments for EEMEA. He added,
“By bringing Crypto Credential to EEMEA, we’re increasing trust in blockchain technology and transforming interactions with digital assets.”
Key Features and Compliance
Launched in collaboration with ATAIX Eurasia, Intebix, CoinMENA, and Fuze, the solution aligns with global regulatory frameworks, including the Travel Rule, an anti-money laundering (AML) regulation from the Financial Action Task Force (FATF). The rule mandates sharing sender and recipient details for transactions above a set threshold, ensuring transparency and combating financial crimes.
How It Works
- Verification: Users are verified under Mastercard standards via participating exchanges.
- Alias Creation: Verified users receive a unique alias to facilitate transactions.
- Transaction Checks: The system validates if the recipient’s alias and wallet support the asset and blockchain before processing the transaction, ensuring security.
Currently focused on peer-to-peer transactions, Mastercard plans to expand applications to NFTs, ticketing, and payment solutions, subject to regulatory guidelines.
Expansion and Early Access
The UAE and Kazakhstan join other markets in North America, Europe, Latin America, and Asia Pacific, where the solution is already operational. Early access will be granted to a select group of crypto wallet users, with a wider rollout expected soon.
Industry Reaction
The initiative has received widespread support. Talal Tabba, CEO of CoinMENA, highlighted the importance of trust-building, stating,
“Innovations like Mastercard Crypto Credential are key to making digital assets accessible and user-friendly, especially for those transitioning from traditional finance.”
Mastercard’s Crypto Credential initiative demonstrates its commitment to advancing blockchain technology while ensuring compliance, security, and user accessibility. With its expansion into the EEMEA region, Mastercard continues to lead the way in bridging traditional finance and the cryptocurrency world.
News Source: Gulf Business
