Dubai’s Economic Department To Roll Out Corporate KYC Based On Blockchain Technology

Dubai’s Department of Economic Development and the Dubai International Financial Centre are working to roll out their KYC platform to financial institutions across the UAE.

The Dubai International Financial Centre made the premeditated project growth known by means of an announcement published recently on its website.

Commenting on the requirement to fast-track the embracing of the blockchain KYC system, the DIFC mentioned that the platform will allow more competent distribution of substantiated KYC data among licensing authorities.

Abdulla Hassan, the CEO corporate sector, Dubai Economy mentioned that Dubai is an essential part of efforts by the government to position the nation as a feasible international investment destination.

He said,

“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.”

It is to be noted that the blockchain KYC association is one of several instances of the positive stance adopted by the Emirati government in dealing with digital assets and blockchain technology.

In the meantime, Dubai’s financial regulators are already working on digital asset guidelines, with members of the public lately given a thirty-day window to remark on the anticipated virtual currency laws.