Dubai Government Expands Blockchain Powered KYC Tool For Financial Institutions

Dubai Government Expands Blockchain Powered KYC Tool For Financial Institutions

He remarked, “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.” Abdulla Hassan, the Dubai Economy Corporate Sector CEO attributed the growth to the tool’s efficiency. It has also enabled financial institutions to digitize one of their most important requirements.

On its part, the DIFC pledged to continue supporting emerging technologies such as blockchain so as to position Dubai as the go-to financial hub globally. The Dubai Financial Services Authority has also recently suggested security token regulation. The regulator is currently accepting public feedback on the proposal until April 29. If adopted, the new regulations will allow Dubai companies to process direct payments in security tokens from prospective clients.

The UAE has continued to push for innovation in the blockchain and digital currency industry, and Dubai has been leading this commitment. As CoinGeek reported, Dubai-based license bureau KIKLABB started accepting digital currencies recently as payment for visa and trade license fees. See also: CoinGeek Live panel, Digital Currency & Global Compliance: Tools & Tips for Exchanges, Wallets & Other Service Providers

He added, “DIFC has already had success in this area having been the first to launch a one-click blockchain solution that shared verified data with a banking partner so clients could get a corporate account opened quickly, efficiently and safely.” “The global finance community holds Dubai and DIFC in high regard for our commitment to innovation, which includes driving the future of finance through emerging technologies such as Blockchain,” DIFC’s Alya Al Zarouni commented.

Source New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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