VARA and Mastercard Collaborate to Advance Dubai’s Virtual Assets Ecosystem

Dubai, UAE: In commemoration of Dubai Future Finance week, where global leaders unite to shape the future of finance; the Dubai Virtual Assets Regulatory Authority (VARA) and Mastercard have joined together to support the continued growth and development of Dubai’s virtual assets ecosystem.

The new Memorandum of Understanding (MoU) brings together VARA’s regulatory expertise and Mastercard’s global experience in payments technology and digital innovation, reflecting a shared commitment to fostering a trusted, innovative and sustainable virtual assets sector.   The collaboration also draws on Mastercard’s experience in developing the infrastructure and capabilities needed to support the use of stablecoins and other digital forms of value in real-world payments. This includes the recent acquisition of stablecoin infrastructure leader BVNK.

Through the collaboration, both organisations will seek to strengthen industry engagement, facilitate knowledge sharing and explore opportunities to support emerging technologies and market participants. .The parties will also explore initiatives to support founders and emerging businesses in the virtual assets sector, including opportunities for experimentation through regulatory sandboxes.

Matthew White, Chief Executive Officer of VARA, said:

“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.”

Gina Petersen-Skyrme, Senior Vice President and Country Manager, UAE and Oman, at Mastercard, said:

“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.”

The MoU reinforces Dubai’s commitment to constructive collaboration between regulators and the private sector, supporting the Emirate’s broader ambition to position itself as 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 heart of the Emirate’s long-term economic development.

About VARA

Established in March 2022, following the effect of Law No. 4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all commercial zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

For media queries, please contact:
VARA Media Contact  
Cathal Burke  
M +971(0)585704628  
[email protected]  

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com