Despite the numerous concerns that governments have about cryptocurrencies, they are rapidly moving towards blockchain technology.
A few days earlier, the Dubai International Financial Center (DIFC) announced that the KYC (Know Your Customer) initiative, the organization’s joint venture with Dubai’s Department of Economic Development, would be expanded across the country.
According to the announcement, the two organizations are working together to integrate KYC blockchain technology into all of the UAE’s electronic business units.
With the project started in February 2020, almost 120 companies were successfully brought on board by July 2020. To date, KYC blockchain technology holds almost half of the KYC records in the country.
Underscoring the importance of KYC technology for businesses, Abdulla Hassan, CEO of Dubai Economy, stated:
“When launched in 2020, the platform will be critical not only in simplifying bank account opening procedures for investors, but also in enabling banks to digitally receive verified KYC data. This initiative has a positive impact on business acquisition and the global simplification of business rankings in Dubai and the United Arab Emirates. “
Hassan added that by sharing their experiences with DIFC, they will continue to work to make the city’s business easier. He stated that the initiative further complements the IID (Investment in Dubai) portal announced by the Vice President of the United Arab Emirates and Prime Minister of Dubai, Sheikh Mohammad, which will allow investors to explore and seamlessly provide them with a business license.
Dubai International Finacial Center Authority’s Executive Vice President Alya Al Zarouni also added that they look forward to sharing best practices with the Dubai Department of Economic Development so that both organizations can do this together “Working together to drive Dubai’s digital economy”.