The Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) jointly announced the launch of a new framework that sets out the legal and regulatory foundations for digital assets.
The QFC Digital Asset Framework 2024 addresses crucial aspects such as tokenization, token ownership rights, custody arrangements, transfer and exchange.
It also provides legal recognition for smart contracts, with the aim of creating a secure and transparent digital asset ecosystem that complies with international standards.
“Launching the Digital Assets Regulations 2024 marks a significant milestone in our journey towards realising the Third Financial Sector Strategy,” commented His Excellency Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Central Bank of Qatar.
He noted that this framework would create substantial opportunities and support a sound regulatory environment within the financial sector.
The development of the framework involved extensive consultation with industry stakeholders, including 37 national and international organisations from the financial, technology and legal sectors.
It is worth noting that over the past few years, regulators in the Middle East have been establishing legislation and guidelines related to cryptocurrencies. In March 2022, Dubai established the Virtual Asset Regulatory Authority (VARA) to oversee the Cryptocurrency sector.
Similarly, Bahrain has implemented regulations for crypto assets, with the Central Bank of Bahrain overseeing the licensing of cryptocurrency exchanges.
Other countries in the region have taken more cautious approaches. Saudi Arabia, for example, has historically been more conservative when it comes to cryptocurrency regulation, although it has shown growing interest in Blockchain technology.
You can also read: Spain in the top 20 countries with the largest number of Bitcoin users
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