Mastercard brings Crypto Credential to UAE, Kazakhstan in fintech push

Global payments provider Mastercard has introduced its Crypto Credential solution to the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East, and Africa (EEMEA) region.

Mastercard Crypto Credential allows users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses. The system ensures that transactions proceed only when the recipient’s wallet supports the transferred asset, reducing the risk of failed or lost transactions.

“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 and head of core payments for EEMEA at 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.”

The initiative, launched in collaboration with ATAIX Eurasia, Intebix, CoinMENA, and Fuze, is designed to enhance trust in blockchain transactions by verifying users and ensuring compliance with regulatory frameworks, including the Travel Rule.

The Travel Rule is a global anti-money laundering (AML) regulation requiring financial institutions, including crypto exchanges, to share identifying information about the sender and recipient of transactions above a certain threshold.

Established by the Financial Action Task Force (FATF), the rule applies to virtual asset service providers (VASPs) such as cryptocurrency exchanges and wallet providers. The objective is to prevent money laundering, fraud, and terrorism financing by ensuring transparency in cross-border and domestic digital asset transactions.

How it works & future expansion

Mastercard Crypto Credential operates through a verification and alias-based transaction process.

Users are verified under Mastercard Crypto Credential standards through participating exchanges. Once verified, they receive a unique alias to send and receive crypto across supported platforms. Finally, before a transaction is processed, the system checks if the recipient’s alias and wallet support the asset and blockchain. If not, the transaction is blocked, preventing potential fund losses.

While the pilot phase focuses on peer-to-peer transactions, Mastercard plans to expand Crypto Credential’s applications to NFTs, ticketing, and other payment solutions, subject to regulatory requirements.

With this expansion, the UAE and Kazakhstan join markets in North America, Europe, Latin America, and Asia Pacific, where the solution is already in use. A limited group of crypto wallet users will gain early access, with a broader rollout expected in the coming months.

Industry reaction

Industry leaders have welcomed the move, with Talal Tabba, CEO of CoinMENA, praising Mastercard’s efforts to build trust in digital assets.

“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,” Tabba said.