News 
Coin Information 
About us 
Qatar Financial Centre has launched a groundbreaking regulatory framework for digital assets, setting the stage for enhanced innovation, transparency, and economic growth.
Qatar Launches Digital Asset Framework
A thorough framework for the regulation and creation of digital assets has been released by the Qatar Financial Centre (QFC), a commercial center situated in Doha, Qatar.
The QFC’s authorities — the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) — announced a framework that builds a foundation for digital assets in the QFC, Cointelegraph writes.
The laws cover tokenization processes and the legal recognition of property rights in tokens and underlying assets, custody arrangements, transfer and exchange. Smart contracts can also be recognized legally thanks to the framework's requirements.
Distinct Legal Structure in QFC
The QFC has its own distinct legal, regulatory, tax, and business structure, similar to the free economic zones in the UAE, which function autonomously from the mainland.
All profits can be repatriated under the QFC, and foreign ownership can reach 100%. "Charges a competitive rate of 10% corporate tax on locally sourced profits" is another feature it offers.
Standards for Asset Tokenization
The release states that the framework will guarantee a transparent and safe digital asset ecosystem inside the QFC, in accordance with international norms. The QFC said that the framework sets standards for asset tokenization. Trust and confidence among stakeholders, customers, and service providers is another goal.
According to His Excellency Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Central Bank of Qatar, the recently implemented regulations mark a significant step towards the realization of the nation's "Third Financial Sector Strategy." The framework, in his opinion, will open up huge doors for Qatar's banking industry.
The Third Financial Sector Strategy, which aims to establish a capital market and enable Qatar to realize its economic potential, was launched in November 2023. An element that will hasten digital transformation is "embracing emerging technologies" according to the plan.
Collaboration with Industry Experts
Collaboration and consultation with industry stakeholders also led to the development of the digital assets framework. According to the QFC, it was developed with the help of an advisory group of 37 domestic and international organizations working in the finance, technology, and legal sectors.
More than twenty startups have been accepted by the QFC's Digital Assets Lab since its inauguration in October 2023 to create, test, and commercialize the lab's goods and services.
Comment 0