The Qatar Financial Centre recently unveiled its regulatory framework for crypto assets.
The “QFC Digital Assets Framework 2024” amplifies regulatory clarity around digital assets. It touches upon other parallel tangents including tokenization, property rights w.r.t. tokens, custody-related issues, the legal recognition of smart contracts, transfer, and exchange.
The aforementioned special economic zone in Doha, Qatar, continues to see heightened crypto activity amongst users. The onshore business and financial center offers its own legal, regulatory, and tax umbrellas, enabling up to cent percent foreign ownership and cent percent repatriation of profits.
This framework “sets high standards for the process of asset tokenization and puts in place a trusted technology infrastructure that will ensure trust and confidence among consumers, service providers, and industry stakeholders.”
The QFC notified,
“Following the launch of the QFC Digital Assets Framework 2024, companies can now apply for a license to perform token service provider activities.”
The financial center further brought to light that the framework was curated after “extensive consultation” from an advisory group that encapsulated around 37 domestic and international organizations.
This is a part of Qatar’s “Third Financial Sector Strategy.” This strategy, on its part, intends to create a financial and capital market that the region can leverage.
In a push for crypto innovation, the QFC has on-boarded over 20 startups and fintech firms to join the QFC Digital Assets Lab. Put to sea in October 2023, the lab's goal is to support these companies in creating and bringing their crypto asset products to market.
