Qatar Unveils Digital Asset Regulatory Framework

September 03, 2024 02:20 PM AEST | By Team Kalkine Media

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Qatar Unveils Digital Asset Regulatory Framework — Image source: shutterstock

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The Qatar Financial Centre (QFC) has unveiled a comprehensive regulatory framework for digital assets, aimed at establishing a robust foundation for the sector within its jurisdiction. The new regulations, announced by the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA), encompass various aspects of digital asset management, including tokenization processes, legal recognition of property rights in tokens and their underlying assets, custody arrangements, and mechanisms for transfer and exchange. Additionally, the framework addresses the legal status of smart contracts.

The QFC operates as a business hub in Doha, distinct from the rest of Qatar in terms of its legal, regulatory, tax, and business environment. Similar to free economic zones in the United Arab Emirates, the QFC allows for full foreign ownership and complete repatriation of profits, imposing a competitive corporate tax rate on locally sourced profits.

This new framework is designed to support Qatar's digital transformation by ensuring that the digital asset ecosystem within the QFC is secure, transparent, and aligned with international standards. The QFC aims to enhance {crypto} trust and confidence among consumers, service providers, and stakeholders within the sector.

His Excellency Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank, has highlighted the framework as a key milestone in advancing the country's "Third Financial Sector Strategy." This strategy, launched in November 2023, aims to foster a capital market that unlocks Qatar's economic potential by integrating emerging technologies and accelerating digital transformation.

The development of the digital assets framework involved extensive collaboration with industry stakeholders. An advisory group comprising 37 domestic and international organizations from the finance, technology, and legal sectors played a crucial role in shaping the regulations. Since the inception of its Digital Assets Lab in October 2023, the QFC has welcomed over 20 startups to develop, test, and commercialize their digital asset products and services.

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