Dubai’s Virtual Assets Regulatory Authority (VARA) and Mastercard have signed a memorandum of understanding aimed at developing the emirate’s virtual assets sector, with the two organisations set to collaborate on emerging technologies, regulatory sandboxes, and market development.
The agreement pairs VARA’s regulatory function with Mastercard’s payments infrastructure experience, including the company’s recent acquisition of BVNK, a stablecoin infrastructure provider. That acquisition gives Mastercard a more direct stake in the technical plumbing needed to bring stablecoins into everyday payment flows.
Under the MoU, both parties will pursue knowledge sharing and industry engagement, and will explore initiatives for founders and early-stage businesses in the virtual assets space, including access to regulatory sandbox environments for experimentation.
“Dubai’s ambition is not simply to participate in the future of finance, but to help shape it. Collaboration between regulators and global industry leaders is essential to building an ecosystem where innovation can flourish alongside strong regulatory standards. Our engagement with Mastercard reflects our commitment to fostering responsible innovation, strengthening market confidence and ensuring Dubai remains at the forefront of the evolving digital economy,” Matthew White, Chief Executive Officer of VARA said in a statement.
“The potential of digital assets lies in their ability to create new ways for people and businesses to exchange value. Realizing that potential requires clear regulatory frameworks, trusted infrastructure and close collaboration across the ecosystem. At Mastercard, we are bringing our global expertise in payments, security and digital assets to our work with VARA, exploring how emerging technologies can be applied responsibly and contribute to Dubai’s ambition to shape the future of finance,” Gina Petersen-Skyrme, Senior Vice President and Country Manager, UAE and Oman, at Mastercard added.
The MoU was signed during Dubai Future Finance Week. It aligns with the Dubai Economic Agenda D33, which places digital transformation at the centre of the emirate’s long-term economic planning.
