Crypto Industry News

Dubai's Department of Economic Development, or "Dubai Economy", and the Dubai International Finance Center are working to expand their KYC platform to financial institutions across the UAE.

MCFD announced the planned expansion of the project in a communication published on its website. According to the announcement, both organizations signed an agreement to introduce the necessary solutions to extend the KYC platform to the entire UAE.

The project was first announced in February 2020, and by July 2020, 120 companies had been included. MCFD said the Blockchain-based KYC platform currently holds nearly half of all electronic KYC records in the UAE.

Addressing the need to accelerate the adoption of the Blockchain KYC system, MCFD said the platform will enable more efficient sharing of verified KYC data between licensing authorities.

For Abdulla Hassan, CEO of the Corporate Sector, Dubai Economy, Dubai is an integral part of the government's efforts to position the UAE as a viable global investment destination:

"After launching in 2020, the platform is becoming increasingly important 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 attracting business and the global Ease of Doing Business Ranking in Dubai and the United Arab Emirates, "he said.

The KYC Blockchain Consortium is one of the many examples of the positive stance of the Emirates government dealing with crypto and Blockchain technology.

Technical Market Outlook:

The ETH/USD pair has made a new all time high at the level of $2,541, but the Bearish Engulfing candlestick pattern was made at the top of the rally, so the market reversed towards the level of $2,381. The momentum is strong and positive, so the up trend might be continued with occasional pull-backs. The larger time frame trend is up as well and there is no indication of the up trend termination. The immediate technical support is located at the level of $2,290 and $2,201.

Weekly Pivot Points:

WR3 - $2,536

WR2 - $2,369

WR1 - $2,274

Weekly Pivot - $2,100

WS1 - $2,008

WS2 - $1,819

WS3 - $1,739

Trading Recommendations:

The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,500. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.