The Dubai Virtual Assets Regulatory Authority (VARA) and Mastercard have announced a new Memorandum of Understanding (MoU) aimed at supporting the continued development of Dubai’s virtual assets sector.
The agreement brings together VARA’s regulatory expertise and Mastercard’s global experience in payments technology and digital innovation. Both organisations said it reflects a shared commitment to a trusted, innovative and sustainable ecosystem.
Mastercard will also draw on its work building the infrastructure needed to support stablecoins and other digital forms of value in real-world payments, including its recent acquisition of stablecoin infrastructure company BVNK.
Under the collaboration, the two parties will strengthen industry engagement, facilitate knowledge sharing and explore ways to support emerging technologies and market participants. They will also look at initiatives for founders and emerging businesses, including opportunities for experimentation through regulatory sandboxes.
Matthew White, Chief Executive Officer of VARA, said Dubai’s ambition is to help shape the future of finance, not simply take part in it. He added that collaboration between regulators and global industry leaders is essential to an ecosystem where innovation can flourish alongside strong regulatory standards.
Gina Petersen-Skyrme, Senior Vice President and Country Manager for the UAE and Oman at Mastercard, said the potential of digital assets lies in creating new ways for people and businesses to exchange value. She said realising it requires clear regulatory frameworks, trusted infrastructure and close collaboration across the ecosystem.
The MoU reinforces Dubai’s push for constructive cooperation between regulators and the private sector as it seeks to become a leading global destination for responsible virtual assets innovation. It also aligns with the Dubai Economic Agenda (D33), which places innovation and digital transformation at the centre of the emirate’s long-term economic development.
News Source: WAM
