Abu Dhabi Global Market Concludes First Phase of Blockchain-Based KYC Project

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An international financial free zone within the capital of the United Arab Emirates (UAE) has concluded the first phase of its blockchain-based Know Your Customer (KYC) utility project, according to an ADGM press release, Dec. 4.

The Abu Dhabi Global Market’s (ADGM) regulatory body, the Financial Services Regulatory Authority (FSRA) along with Big Four audit firm KPMG have published a review of the project’s “successful” first phase in order to provide key takeaways for members of the financial industry.

The review outlines the project’s development over a period of four months, together with a consortium of major UAE-based financial institutions — including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Abu Dhabi Bank and others.

FSRA’s review of legacy

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