Dubai Economy to Implement Blockchain-Based Corporate KYC Platform

The Dubai Economy and the Dubai International Financial Center (DIFC) are working to expand the Know Your Customer platform to financial institutions throughout the United Arab Emirates. The planned expansion of the project is announced in an announcement posted on its website on April 6. Both organizations signed an agreement on the implementation of the necessary conditions for the expansion of the KYC platform in the UAE.

The project was first announced back in February 2020, and as of July 2020, 120 companies have entered the project. DIFC stated that the blockchain-based KYC platform currently contains nearly half of all electronic KYC records in the UAE. Commenting on the need to accelerate the implementation of the KYC system on the blockchain, DIFC stated that the platform will allow more efficient exchange of verified KYC data between licensing authorities.

The KYC Blockchain Consortium is one of many examples of the positive mood from the UAE government regarding crypto and blockchain technologies. Earlier in April, UAE Economy Minister Abdulla Bin Touq Al Marri called cryptocurrency and asset tokenization an integral part of the country's plans to double the size of its economy over the next decade. Meanwhile, Dubai's financial regulators are already working on rules for the cryptocurrency, and members of the public were recently given a 30-day window to comment on proposed cryptocurrency laws.

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