Mastercard has launched its new Crypto Credential service in the UAE and Kazakhstan, marking its first entry into the Eastern Europe, Middle East, and Africa (EEMEA) region. This innovative solution is designed to simplify and secure cryptocurrency transactions by replacing complex blockchain addresses with easy-to-use aliases.

The system ensures transactions are processed only if the recipient’s wallet supports the transferred cryptocurrency, reducing the chances of failed or lost transactions. Speaking to Gulf Business, Gaurang Shah, Mastercard’s executive vice president for core payments in EEMEA, highlighted the company’s focus on enhancing trust in blockchain while streamlining crypto transactions.

Developed in collaboration with partners such as ATAIX Eurasia, Intebix, CoinMENA, and Fuze, the initiative aims to strengthen compliance with global anti-money laundering regulations, including the Financial Action Task Force’s (FATF) Travel Rule. This rule ensures transparency by requiring financial institutions and crypto platforms to share identifying details of users involved in large transactions.

The Crypto Credential service works by verifying users on participating platforms under Mastercard’s standards. Once approved, users receive a unique alias, enabling them to send and receive cryptocurrency safely. Before processing a transaction, the system checks if the recipient’s alias and wallet are compatible with the asset and blockchain involved. If not, the transaction is stopped to prevent potential losses.

Currently, the pilot phase focuses on peer-to-peer transactions, but Mastercard plans to expand the system to other areas like NFTs, ticketing, and payment solutions, depending on regulatory developments. Early access is being offered to a limited group of crypto wallet users, with a broader rollout expected soon.

This move has been welcomed by industry leaders, including Talal Tabba, CEO of CoinMENA, who praised Mastercard’s efforts to build trust in digital assets and make them more user-friendly for newcomers from traditional financial sectors.

With this launch, the UAE and Kazakhstan join other markets like North America, Europe, Latin America, and Asia Pacific, where Mastercard Crypto Credential is already making an impact.