The Dubai Economic Development Department, or Dubai Economy, and the Dubai International Financial Center are expanding the Know Your Customer platform to include financial institutions in the United Arab Emirates.
The Dubai International Financial Center announced the expansion of the planned project in an announcement posted on its website on April 6.
According to the statement, the two organizations signed an agreement establishing the necessary procedures to expand the Know Your Customer platform in the United Arab Emirates.
According to a report from Cointelegraph, the project was first announced in February 2020, and from July 2020, 120 companies have joined.
DIFC said that the blockchain-based Know Your Customer platform now contains almost half of all Know Your Customer online records in the UAE.
Commenting on the need to accelerate the implementation of the KYC blockchain system, DIFC stated that the platform will allow more efficient exchange of verified KYC data between licensing authorities.
For Abdullah Hassan, CEO of Dubai’s Business Economics, United Arab Emirates, Dubai is an integral part of the government’s efforts to position the country as a viable global investment hub:
“Since its launch in 2020, the platform has played an increasingly important role not only in simplifying procedures for opening bank accounts for investors, but also in enabling banks to receive Know Your Customer data digitally. This initiative has a positive impact on the business attraction and on the global ranking of doing business in Dubai and the United Arab Emirates. ”
The KYC blockchain consortium is one of many examples of the UAE Government’s positive stance on crypto and blockchain technologies.
Earlier in April, UAE Economy Minister Abdullah bin Tuk al-Marri called encryption and encryption of assets an integral part of the country’s plans to double the size of the economy over the next decade.
Meanwhile, financial regulators in Dubai are already working on cryptocurrency regulations, and the public was recently given a 30-day window to comment on proposed cryptocurrency laws.