The Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) have jointly announced the launch of a new framework that establishes the legal and regulatory foundations for digital assets.
The QFC Digital Assets Framework 2024 covers crucial aspects such as tokenization, ownership rights over tokens, custody arrangements, transfer and exchange.
It also provides legal recognition to smart contracts, aiming to create a secure and transparent digital asset ecosystem, aligned with international standards.
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“The launch of the Digital Assets Regulation 2024 marks an important milestone in our journey towards achieving the third financial sector strategy,” he said. Sheikh Bandar garbage can Mohammed garbage can Saud Al Thanisaid the governor of the Central Bank of Qatar.
He stressed that this framework would create substantial opportunities and support a strong 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 regulators in the Middle East have been implementing crypto-related laws and guidelines in recent years. In March 2022, Dubai established the Virtual Asset Regulatory Authority (VARA) to oversee the crypto 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 a more cautious approach. Saudi Arabia, for example, has historically been more conservative when it comes to regulating cryptocurrencies, even as it has shown growing interest in blockchain technology.
The development comes as the region increasingly embraces blockchain and cryptocurrency technologies, with Benzinga’s upcoming event on the Future of Digital Assets on November 19 likely to discuss these regulatory advancements and their global implications.
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