Mastercard Expands Crypto Credential to UAE and Kazakhstan
Mastercard has announced the introduction of its Mastercard Crypto Credential solution to the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East, and Africa (EEMEA) region.
Mastercard Crypto Credential simplifies crypto transactions by enabling users to send and receive cryptocurrencies using easy-to-remember aliases instead of complex blockchain addresses. This is made possible through Mastercard’s partnerships with leading exchanges and providers in the region.
The solution ensures secure and verified blockchain transactions by confirming that users meet specific verification standards and that recipients’ wallets support the transferred assets. By sharing metadata and Travel Rule information, Mastercard Crypto Credential fosters greater trust and reliability in crypto transactions.
This expansion will allow regional exchanges like ATAIX Eurasia, Intebix, and CoinMENA, along with Fuze, a prominent Digital Asset Infrastructure provider, to streamline and secure blockchain transactions for users.
“As the cryptocurrency landscape continues to mature, we’ve been laser focused on developing innovative services and capabilities that help make crypto more accessible and secure, streamline the transaction process and enhance trust in the ecosystem,” said Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard. “In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets.”
Using Mastercard Crypto Credential is straightforward. After the exchange verifies the user under Mastercard’s standards, the user receives an alias for sending and receiving funds across supported exchanges. Before completing a transaction, the solution validates the recipient’s alias and wallet compatibility. If either check fails, the sender is notified, and the transaction is halted, ensuring the security of all parties.
Initially focused on peer-to-peer transfers, Mastercard Crypto Credential has potential applications beyond this scope, including NFTs, ticketing, and other innovative payment solutions, depending on market and compliance conditions.
The UAE and Kazakhstan now join other activated markets in North America, Europe, Latin America, and Asia-Pacific, allowing users to transfer digital assets across multiple blockchains both domestically and internationally. A limited number of crypto wallet users will initially access the solution on a first-come, first-serve basis, with broader availability rolling out over the coming months.
“We are committed to fostering innovation in the digital asset space while ensuring a secure, transparent environment for all market participants,” said Yagub Zamanov, FinTech Division Director, Astana Financial Services Authority (AFSA). “By providing clear regulatory frameworks, we aim to build trust and confidence. Collaboration with global partners like Mastercard is key to establishing consistent standards, ensuring the long-term growth and integrity of the sector.”
“The introduction of Mastercard Crypto Credential marks a pivotal step in the development of digital finance, providing a trusted framework for the safe and seamless integration of digital assets into the global economy, said Talgat Dossanov, CEO, Intebix.
Mo Ali Yusuf, CEO at Fuze stated, “This partnership not only strengthens our commitment to supporting banks and fintechs in adopting crypto solutions but also marks a significant step in building trust and enhancing reliability within the evolving crypto landscape.” Talal Tabbaa, CEO at CoinMENA, also expressed his excitement about this initiative stating, “Innovations like Mastercard Crypto Credential program are key to building trust and making digital assets more accessible and user-friendly, especially for joiners from traditional finance.”
Аrutyun Poghosyan, CEO, ATAIX Eurasia, a crypto exchange in Kazakhstan expressed: “We are incredibly excited to join Mastercard’s interregional partnership to implement the crucial and timely Mastercard Crypto Credential technology.”
