Via the QFC Digital Asset Framework 2024, revealed on 1 September 2024 in Doha, Qatar’s financial sector made a significant leap forward.
The new framework will assist the QFC in the development and regulation of digital assets and is in line with the Qatar Central Bank’s Third Financial Sector Strategy.
Core Regulations- QFC Digital Assets Framework
The QFC Digital Asset Framework 2024 sets forth extensive regulations governing digital assets. Main components include:
- Tokenization Process: Establishes clear guidelines for the tokenization of assets.
- Legal Recognition: Confirms legal property rights for tokens and their underlying assets.
- Custody and Transfer: Outlines secure arrangements for asset custody, transfer, and exchange.
- Smart Contracts: Provides for the legal recognition and use of smart contracts.
Industry Impact & Collaboration
In the picture of that, 37 domestic and international groups, engaged in finance, technology and law were extensively consulted during the creation of this framework.
The QFC Digital Assets Lab which was set up in October 2023 has already helped more than 20 startups to grow as well as market their digital asset solutions.
Statements from Notable Figures-
- The Third Financial Sector Strategy has been achieved thanks to the important milestone represented by these new regulations, according to H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank.
- Also, Yousuf Mohamed Al-Jaida who is the QFC CEO said that this framework will support a strong and international-oriented regulatory regime.
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