Dubai:The Dubai Virtual Assets Regulatory Authority (VARA) and Mastercard have announced a collaboration aimed at supporting the growth and development of Dubai's virtual assets ecosystem. This new partnership is solidified through a Memorandum of Understanding (MoU) that combines VARA's regulatory expertise with Mastercard's global experience in payments technology and digital innovation.

According to Wam, the collaboration reflects a shared commitment to fostering a trusted, innovative, and sustainable virtual assets sector. Mastercard's experience in developing infrastructure for stablecoins and other digital forms of value will be a pivotal aspect of this partnership, especially following its acquisition of BVNK, a leader in stablecoin infrastructure.

Both organizations aim to enhance industry engagement, facilitate knowledge sharing, and explore opportunities to support emerging technologies and market participants. They will also explore initiatives to support founders and emerging businesses in the virtual assets sector through regulatory sandboxes.

Matthew White, CEO of VARA, emphasized Dubai's ambition to shape the future of finance, highlighting the importance of collaboration between regulators and global industry leaders. Gina Petersen-Skyrme, Senior Vice President and Country Manager for UAE and Oman at Mastercard, noted that the potential of digital assets depends on clear regulatory frameworks and trusted infrastructure.

This MoU reinforces Dubai's commitment to constructive collaboration between regulators and the private sector, aligning with the Dubai Economic Agenda (D33), which emphasizes innovation and digital transformation as central to the Emirate's long-term economic development.