Dubai Economics Department to Deploy Blockchain-Based Corporate KYC

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The Dubai Department of Economic Development, or “Dubai Economy,” and the Dubai International Financial Center are working to expand their KYC platform to financial institutions in the United Arab Emirates.

The DIFC publicized the project to extend the project through an announcement posted on its website on April 6.

According to the statement, the two organizations signed an agreement to put in place the necessary modalities to expand the KYC platform in the UAE.

The project was first announced in February 2020 with 120 companies on board in July 2020, according to a TUSEN report at the time.

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The DIFC said the blockchain-based KYC platform now holds nearly half of all electronic KYC records in the UAE.

Commenting on the need to accelerate the adoption of the KYC blockchain system, the DIFC said the platform will enable more efficient sharing of verified KYC data between licensing authorities.

For Abdulla Hassan, CEO Business Sector, Dubai Economy, United Arab Emirates, Dubai is integral to the government’s efforts to position the country as a viable global investment destination:

“After its launch in 2020, the platform has become increasingly crucial not only to simplify bank account opening procedures for investors, but also to enable banks to digitally receive verified KYC data. This initiative has a positive impact on business attraction and the global ease of doing business ranking of 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 technology.

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Earlier in April, UAE Minister of Economy Abdulla Bin Touq Al Mar identified cryptography and asset tokenization as integral to the country’s plans to double the size of its economy over the course of the next decade.

Meanwhile, Dubai’s financial regulators are already working on cryptocurrency regulation with members of the public who recently granted a 30-day window to comment on proposed cryptocurrency laws.

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