On 1 September 2024, Qatar introduced a new regulatory framework for digital asset management. According to the Qatar Financial Centre (QFC), the updated regulations establish a legal and regulatory framework for tokenisation, legal recognition of ownership of tokens and their underlying assets, and regulate storage, transfer and exchange transactions. Particular attention is paid to the legalisation of smart contracts.
The regulation will operate within the framework of the QFC, which is located in the capital of Qatar, Doha. Similar to the free economic zones of the United Arab Emirates, QFC has its own legal, regulatory, tax and business structure that operates independently of other parts of the country.
Sheikh Bandar bin Mohammed bin Saud Al Thani, Governor of the Central Bank of Qatar, said that the new rules are a key step in the country’s financial sector development strategy. Yusuf Mohamed Al Jaida, CEO of QFC, expressed confidence that the new regulatory regime will create a reliable environment for the development of digital assets, promote confidence and attract international investors to the Qatari financial sector.
According to the QFC, the development of the regulatory framework was carried out with the active participation of 37 domestic and international organisations representing the financial, technology and legal sectors, ensuring a comprehensive and balanced approach to the regulation of the latest financial instruments.
Source of information and photo: qfc.qa