- Dubai is planning to expand its blockchain-based KYC services.
- This will enable a smooth transfer of a verified KYC data for clients.
- Dubai aims to build its economy using crypto.
Dubai Department of Economic Development partners with the Dubai International Financial Centre (DIFC) to expand the Know-Your-Customer (KYC) policy for financial institutions across UAE.
According to DIFC, this partnership will allow the effective transfer of a verified KYC data for clients. Both firms have agreed to help widespread the Know-Your-Customer platforms in UAE successfully.
Based on a report, DIFC expressed that Dubai’s blockchain-based KYC currently has half of the entire electronic KYC data in the UAE.
Alongside the KYC platform expansion, Abdulla Hassan, CEO corporate sector, and Dubai Economic are government organizations aiming to make the UAE become the number one investment hub for investors.
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.
Further, UAE Minister of Economy Abdulla Bin Touq Al Marri notably stated that UAE plans to build and increase its economy using crypto. Looking at this, it can be seen that UAE keeps embracing both blockchain and crypto in the country. Recently, UAE announced that it is planning to set up easy-understand laws to regulate crypto trading activities in the country.