Dubai's VARA and Mastercard sign an MoU covering sandbox options for virtual asset founders

Dubai's Virtual Assets Regulatory Authority (VARA) and Mastercard have signed a memorandum of understanding to grow the emirate's virtual assets sector, combining VARA's regulatory work with Mastercard's payments technology, the Emirates News Agency reported.

The two will explore initiatives for founders and emerging businesses, including chances to experiment inside regulatory sandboxes, as well as industry engagement and knowledge sharing. Mastercard brings its stablecoin and digital value infrastructure, including its acquisition of stablecoin infrastructure provider BVNK. No financial terms or timelines were given.

VARA CEO Matthew White said cooperation between regulators and major industry players is needed for innovation to grow alongside strong standards. Gina Petersen-Skyrme, SVP and Country Manager UAE and Oman at Mastercard, said realising the potential of digital assets depends on clear rules and reliable infrastructure. The MoU sits within Dubai's D33 economic agenda.