The Qatar Financial Centre (QFC) in Doha has invited local and international companies to apply for licenses to operate as token service providers under its new regulatory framework.
On September 1, the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) launched the QFC Digital Assets Framework 2024.
QFC 2024 Digital Asset Framework
The framework establishes a legal and regulatory basis for digital assets, covering aspects such as tokenization, legal recognition of ownership rights in tokens and underlying assets, custody, transfer and exchange. It also legally recognizes smart contracts.
This initiative aims to create a secure and transparent digital asset ecosystem within the QFC, adhering to international standards. It provides a reliable technological infrastructure to build trust among consumers, service providers and industry stakeholders.
The framework is the result of collaboration and consultation with industry stakeholders. The QFC developed it with the participation of an advisory group of 37 national and international organisations from the financial, technology and legal sectors.
Bandar bin Mohammed bin Saoud Al Thani, Governor of the Central Bank of Qatar, stressed the importance of the framework in advancing Qatar’s third financial sector strategy.
He noted that this would create significant opportunities and strengthen the regulatory environment, aligning with Qatar’s digital transformation goals under the Third National Development Strategy and Qatar National Vision 2030.
Yousuf Mohamed Al-Jaida, CEO of QFC, said that these regulations demonstrate the institution’s commitment to establishing a regulatory regime in line with international best practices. He believes that this clarity will attract both domestic and international participants, further strengthening Qatar’s financial services sector.
Michael Ryan, CEO of QFCRA, added that the framework paves the way for a thriving and innovative financial services industry, enabling it to capitalise on emerging technologies and markets.
