The United Arab Emirates (UAE) - one of the financial centers of the Middle East, is continuing to expand its momentum promoting Blockchain.
The Ministry of Economic Development (DED) of Dubai has established a KYC blockchain association along with six major banks.
Named the "KYC Blockchain Association," the new blockchain-based regulatory platform is designed to promote processes such as data exchange and digital customer documents while ensuring safety. The project also intends to provide a unified platform of KYC efforts for members of current and future ecosystems, such as eligible financial institutions and licensing authorities.
The first UAE KYC blockchain platform will be launched in Q1 2020
Follow report On February 19 of Dubai-based Gulf News, six banks will join in the project, including Emirates NBD - a bank owned by the Dubai government, HSBC, Emirates Muslim, RAKBank, and the Bank. Abu Dhabi Trade and Dubai Commercial Bank.
As planned to launch in the first quarter of 2020, the KYC Blockchain Association will become the first project of its kind in the region, the report noted.
Ali Ibrahim - Deputy General Director of DED, outlined this effort to bring more investment capital to the region:
"Our strategic alliance with banks to launch the first KYC blockchain platform in the UAE is an important step to continue attracting investors into this market."
In addition, the ecosystem provided by the association hopes to promote business as well as comply with regulations in the UAE. According to the report, the UAE Central Bank and the Smart Dubai government will oversee the operation of the KYC Blockchain Association.
The new UAE blockchain project is reported to be in line with the overall growth of blockchain spending in the region. As Toiyeubitcoin recently reported, governments across the Middle East and Africa are expected to see at least 400% of their investments in blockchain-based solutions in 4 years.
In October 2019, the UAE accepted crypto regulation after issuing a draft bill for public comment. As reported, the UAE has taken a very positive stance towards the cryptocurrency and blockchain industry because the country is hosting a number of blockchain-based initiatives, such as the digital trade project “The Road. Digital Silk "and the document exchange platform is called" Bank Trust Network ".
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According to CoinTelegraph
Translated by ToiYeuBitcoin