Whenever there are talks about developments in cities in any sector or grounds, it would be unfair if Dubai is not part of that topic. Among all cities in the entire world, Dubai is a city that has proven to be after technological advancements as well as developments.
It is one of the fastest prospering and advancing cities in the entire world. So far, the city has gained so much recognition and popularity that people think Dubai is a country.
Ever since the pandemic entered the entire world, digital and virtual currencies became the primary sources of payments among billions of people. This is when the world realized the importance of crypto-blockchain technology.
Among all other countries and cities around the world, Dubai was one of the cities to recognize the potential and worth of the technology. Therefore, Dubai fast-tracked its work and developments in the cryptocurrency sector.
Although Dubai starting focusing on crypto-blockchain technology starting 2021, it has already made a lot of progress in this particular sector.
Dubai is already well aware of the pros and cons of cryptocurrency and blockchain technology. Therefore, it has already started taking the right actions in order to keep the industry regulated within its jurisdictions. It is taking all the necessary steps to ensure none of the transactions flowing in and out of its infrastructure are labeled as laundered.
This is the reason why Dubai had recently introduced a private blockchain network that was focused on the know-your-customer (KYC) regulations. The particular blockchain has the full backing and support from the government of Dubai.
Since the formation of the private KYC blockchain, Dubai has been trying to onboard major financial institutions from all over the world. This is to ensure that Dubai has information about every person who is sending or receiving funds through its blockchain systems.
Just recently, Dubai has successfully brought HSBC onboard on its UAE KYC Blockchain Platform. HSBC, which is known all over the world and is a global banking giant is now one of the four founding members of the particular blockchain platform.
Furthermore, HSBC is now the first-ever foreign platform that has joined Dubai for its KYC-based private blockchain platform. The particular private blockchain has been developed and launched by the Department of Economic Development that is based in Dubai. The firm is commonly known as Dubai Economy all over the UAE and around the world.
The purpose of bringing major financial institutions from around the world on board is to ensure that the blockchain has information on all individuals who will be using the particular blockchain.
Other members of the KYC Blockchain Platform include financial institutions that are based in the UAE. Names of some of the banks include Mashreq Bank, RAKBANK, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Emirates NBD, and Emirates Islamic.