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Qatar Financial Centre introduces new digital assets framework

Monday 2 September 2024 14:05 CET | News

The Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) have launched the QFC Digital Assets Framework.

 

The initiative aligns with the Third Financial Sector Strategy issued by Qatar Central Bank and represents a key objective outlined in the Strategic Plan. According to a press release from the QFC, the framework provides a comprehensive legal and regulatory structure for digital assets. It addresses key areas such as tokenisation, the legal recognition of property rights in tokens and their underlying assets, custody arrangements, as well as the transfer and exchange of digital assets. Additionally, the framework includes provisions for the legal recognition of smart contracts. The overarching goal is to establish a secure and transparent digital asset ecosystem within the QFC, adhering to international standards and best practices.

 

The Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) have launched the QFC Digital Assets Framework.

 

High standards and industry collaboration

The QFC Digital Assets Framework sets stringent standards for the process of asset tokenisation and implements a trusted technology infrastructure designed to encourage confidence among consumers, service providers, and other stakeholders in the industry. 

The framework was developed through extensive consultation and collaboration with industry stakeholders. Specifically, an advisory group consisting of 37 domestic and international organisations from the financial, technology, and legal sectors played a crucial role in shaping the final regulations. 

According to qna.org.qa, since the QFC Digital Assets Lab was launched in October 2023, over 20 startups and fintech companies have joined the lab to develop, test, and commercialise their digital asset-related products and services. The lab’s operations ran concurrently with the development of the Digital Assets Framework, underscoring the importance of industry engagement in crafting these regulations. 

Regarding these new developments, the Governor of Qatar Central Bank highlighted the significance of the 2024 Digital Assets Regulations, stating that they represent an important milestone in the implementation of the Third Financial Sector Strategy. He emphasised that the framework is expected to create significant opportunities and strengthen the regulatory environment in Qatar's financial sector, supporting the country’s broader digital transformation objectives as outlined in the Third National Development Strategy, part of Qatar National Vision 2030. 

In turn, representatives from QFC noted that the introduction of the Digital Assets Framework 2024 demonstrates Qatar's commitment to establishing a regulatory regime aligned with international best practices. They expressed confidence that this regulatory clarity will attract both domestic and international participants, improving the competitiveness of Qatar’s financial services sector.


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Keywords: digital assets, cryptocurrency, smart contracts, financial services
Categories: Banking & Fintech
Companies: Qatar Financial Centre
Countries: Qatar
This article is part of category

Banking & Fintech

Qatar Financial Centre

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