The Qatar Financial Centre (QFC) in Doha has recently announced the launch of the QFC Digital Assets Framework 2024. This initiative invites both local and international companies to apply for licenses to operate as token service providers under the new regulatory framework. The framework covers various aspects of digital assets, such as tokenization, legal recognition of property rights, custody, transfer, and exchange, as well as smart contracts.
One of the main goals of the QFC Digital Assets Framework 2024 is to create a secure and transparent digital asset ecosystem within the QFC that adheres to international standards. By providing a reliable technological infrastructure, the framework aims to build trust among consumers, service providers, and industry stakeholders. This will not only strengthen the regulatory environment but also create significant opportunities for growth and innovation in Qatar’s financial services sector.
Collaboration with Industry Stakeholders
The development of the QFC Digital Assets Framework 2024 was a collaborative effort that involved input from 37 domestic and international organizations in the finance, technology, and legal sectors. This collaborative approach ensured that the framework reflects best practices and aligns with Qatar’s digital transformation goals under the Third National Development Strategy and Qatar National Vision 2030.
Advancing Qatar’s Financial Sector Strategy
Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, emphasized the importance of the framework in advancing Qatar’s Third Financial Sector Strategy. By establishing a regulatory regime aligned with international best practices, the framework is expected to attract both domestic and international participants, further enhancing Qatar’s financial services sector. Yousuf Mohamed Al-Jaida, CEO of QFC, believes that the clarity provided by the regulations will contribute to the growth and stability of the sector.
Michael Ryan, CEO of QFCRA, stated that the QFC Digital Assets Framework 2024 sets the stage for a thriving and innovative financial services sector in Qatar. By capitalizing on emerging technologies and markets, the framework will enable the sector to adapt and grow in a rapidly changing digital landscape. This initiative marks a significant step towards establishing Qatar as a hub for digital asset innovation and investment.
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