Dubai Economy has partnered with the Dubai International Financial Centre to expand the tool which now accounts for over 50 percent of all KYC verifications in Dubai.
The budget increase would see funds of $191 million allocated to the agency, up $64 million on its original budget for the year.
Nigerian fintech startups, including those in the digital currency sector, have been relying on the bank verification number (BVN) as a primary know-your-customer (KYC) and anti-money laundering (AML) tool.
The Financial Services Commission has brought forward a new structure of penalties for exchanges that fail to properly implement anti-money laundering measures.
The new measures include enhanced Know-Your-Customer verification processes, as well as the introduction of new specialized blockchain intelligence technologies.
It looks like Michael Saylor, the chairman, president and CEO of MicroStrategy, does not quite understand how Bitcoin works.
The digital asset exchange has said users will now be banned from withdrawals unless they are able to verify their ownership of external wallets.
Digital currency exchange Huobi has secured the backing of regulators in South Korea, following the decision to award Huobi Korea an ISMS certification.
Regulation: it was always going to come to Bitcoin and the digital asset industry, and we've known it for a long time.
In total, $286,933,760 worth of digital currency and 200 pieces of customer data were stolen from digital currency exchanges in 2020.
The OIG called on FBI to implement a better strategy for not just its dark web investigations, but also for digital currency-related activities.