Blockchain technology has continued to exceed our imagination in the years following when it was introduced via the development of Bitcoin. Even though at the period, many developers were concerned about using the technology for finance-related development. In the last few years, developers have geared up their uses and now use the technology for a host of other things.
In what would be classified as blockchain technology put into another good use, the Department of Economic Development in Dubai has announced that they have started to work on the new KYC platform based on blockchain technology. Giving their insight into the development, the Dubai Economy, as they are fondly called, said that the new platform that is currently being designed would serve various financial institutions across the country. The body made the announcement to expand known after the various entities working on the KYC platform signed the agreement to put all things in place for the expansion.
The country already has 120 companies on the platform
The first time the project was brought to the media’s attention was around February last year, with the body coming out months later around July to announce that they have added 120 companies around the country for the testing. The body has also mentioned that the platform based on blockchain technology has been infused with almost half of the KYC records that it holds across the country.
Giving the need why they want to expand the platform, the DIFC pointed out that their original intention was to allow the sharing of verified data amongst various entities in the country, and it is still so. Many people have thumbed up the initiative with the CEO of Dubai Economy mentioning that the development is a part of the move by the government to push for the country as a destination that favors investments and new start-ups.
The CEO pointed out that since the platform was launched last year, banks have been getting their hands on verified data of customers with ease compared to the previous years. He noted that the launch not only positions Dubai as a perfect destination for businesses, it has also had positive impacts on various financial entities across the country.
Dubai set to roll out crypto regulations
This blockchain-based KYC platform is not the only avenue where the country has adopted the technology to ease the life as they have shown that they are a pro blockchain and crypto nation. In a recent statement that was given by the Minister of Economy in the country, Abdulla Bin Touq Al Marri, he said that the country is gearing towards using digital assets as one of the major pivots to increase the size of their economy.
Also, the financial regulatory body in the country is gearing up towards the rollout of crypto regulations. The latest news from the country is that the public has been offered a 30-day window to give their opinion regarding the recently released laws.
Crypto and blockchain have continued to see widespread acceptance across countries globally as the digital assets continue to see massive surges in the market. Even though the UAE has not talked about developing a digital currency at this point, the safest bet is that the country will be looking to do that after the regulations have been officially rolled out.