In the Qatar Financial Centre (QFC), the Qatar Central Bank, the Qatar Financial Centre Authority, and the Qatar Financial Centre Regulatory Authority have jointly implemented a new regulatory framework for digital assets.
The objective of this initiative is to establish a comprehensive and transparent framework for the regulation and administration of digital assets, which encompasses elements such as tokenization, property rights, and smart contracts.
The Third Financial Sector Strategic Plan, which includes the QFC Digital Assets Framework 2024, aims to create a secure and transparent environment that adheres to international standards. Its objective is to foster trust among industry actors and consumers by offering comprehensive guidelines for technology infrastructure and asset management.
During the framework’s development, 37 domestic and international organizations from a variety of sectors were involved in extensive collaboration. This endeavor is a complement to the QFC Digital Assets Lab, which has been operational since October 2023 and has already assisted more than twenty fintech firms in the refinement of their digital asset offerings.
H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, the Governor of the Qatar Central Bank, emphasized that this framework is a substantial stride toward the realization of Qatar’s Third Financial Sector Strategy and its overarching digital transformation objectives. QFC’s CEO, Yousuf Mohamed Al-Jaida, anticipates that the new regulations will increase the competitiveness of Qatar’s financial sector by attracting both local and global participants.
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