Qatar Financial Centre Launches 2024 Digital Assets Framework

Qatar, 2 September, 2024 : The Qatar Financial Centre (QFC) has unveiled its 2024 Digital Assets Framework, marking a key milestone in implementing the Third Financial Sector Strategy. This new framework provides a comprehensive legal and regulatory foundation for digital assets, including tokenization, property rights, custody arrangements, transfer, exchange, and smart contracts.

The framework aims to create a secure and transparent digital asset ecosystem in the QFC, adhering to international standards and best practices. It sets high standards for asset tokenization and technology infrastructure, fostering trust among consumers, service providers, and industry stakeholders.

Developed through extensive consultation with 37 domestic and international organizations, the framework supports Qatar’s digital transformation goals and aligns with the Qatar National Vision 2030. Since the launch of the QFC Digital Assets Lab in October 2023, over twenty fintech startups have developed and tested digital asset products.

H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Qatar Central Bank Governor, and Yousuf Mohamed Al-Jaida, CEO of QFC, emphasized the framework’s role in enhancing Qatar’s financial sector and attracting global players. Michael Ryan, CEO of QFCRA, highlighted the framework’s potential to drive innovation and market opportunities.

Companies can now apply for licenses to engage in token service provider activities under the new framework. For more information and guidance documents, visit the QFC website.

Source : www.qfc.qa