Dubai’s Economic Department is preparing to implement blockchain-based corporate KYC.

Spread the love

 272 Interactions,  4 today

The Department of Economic Development in Dubai wishes to promote the complete implementation of UAE KYC, the national Know Your Customer standard based on blockchain technology.

Dubai’s Department of Economic Development, or “Dubai Economy,” and the Dubai International Financial Centre are collaborating to extend their Know Your Customer network to financial institutions around the UAE.

The DIFC made the planned project expansion known via an announcement published on its website on April 6.

According to the DIFC, the blockchain-based KYC network now houses almost half of all electronic KYC documents in the UAE.

The DIFC mentioned that the framework would allow more efficient sharing of validated KYC data among licencing authorities, in response to the need to accelerate the adoption of the blockchain KYC framework.

According to Abdulla Hassan, CEO corporate sector, Dubai Economy, UAE, Dubai is an important part of the government’s efforts to place the country as a viable global investment destination:

RECOMMENDED READ:  VanEck and BetaShares have applied for Australian crypto ETFs, as family offices buy Bitcoin.

The DIFC mentioned that the framework would allow more efficient sharing of validated KYC data among licencing authorities, in response to the need to accelerate the adoption of the blockchain KYC framework.

According to Abdulla Hassan, CEO corporate sector, Dubai Economy, UAE, Dubai is an important part of the government’s efforts to place the country as a viable global investment destination:

“Following its launch in 2020, the platform has become increasingly crucial not only in simplifying the procedures for opening bank accounts for investors but also in enabling banks to digitally receive verified KYC data. This initiative has a positive impact in attracting business and on the global ease of doing business ranking of Dubai and the UAE.”

The blockchain KYC consortium is only one of many examples of the Emirati government’s constructive approach to crypto and blockchain technologies.

Earlier this month, UAE Minister of Economy Abdulla Bin Touq Al Marri described crypto and asset tokenization as critical to the country’s plans to double its economy size over the next decade.

RECOMMENDED READ:  Insight into Russia and China's CBDC schemes

Meanwhile, Dubai’s financial authorities are still focusing on crypto rules, and the public has been granted a 30-day window to vote on the new cryptocurrency legislation.

 

Leave a Reply

Contact Us