Dubai’s Virtual Assets Regulatory Authority (VARA) has signed a memorandum of understanding with Mastercard to support the emirate’s virtual assets sector, according to the Emirates News Agency (WAM).
The agreement will explore initiatives for founders and emerging businesses, including opportunities to test products and services in regulatory sandboxes. VARA and Mastercard will also focus on industry engagement, knowledge sharing and support for new technologies and market participants.
Mastercard is contributing its payments technology experience, including work on infrastructure for stablecoins and other forms of digital value in everyday payments. The company recently acquired BVNK, a stablecoin infrastructure provider.
VARA CEO Matthew White said cooperation between regulators and industry players is important for developing a market where innovation can advance alongside strong regulatory standards.
Gina Petersen-Skyrme, Mastercard’s senior vice president and country manager for the UAE and Oman, said digital assets could create new ways for individuals and businesses to exchange value. She added that clear regulation, reliable infrastructure and industry cooperation would be needed to support that potential.
The MoU is part of Dubai’s D33 economic plan, which places innovation and digital transformation at the centre of the emirate’s future growth.
Source: Fintech News
