Qatar Unveils New Digital Assets Framework to Boost Financial Sector
The Qatar Financial Centre (QFC) in Doha has introduced a new regulatory framework aimed at fostering and managing digital assets.
This initiative, announced by the QFC’s regulatory bodies—the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA)—establishes a comprehensive system for digital asset operations within the QFC.
The framework covers various aspects, including tokenization processes, legal recognition of tokenized assets, custody arrangements, and the transfer and exchange of digital assets. It also includes provisions for the legal recognition of smart contracts.
Similar to free economic zones in the UAE, the QFC operates with its own set of legal, regulatory, tax, and business frameworks, distinct from the broader regulations in Qatar. The QFC permits full foreign ownership and profit repatriation, alongside a competitive 10% corporate tax on locally sourced profits.
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The new regulations are part of Qatar’s broader efforts to advance its financial sector, as outlined in the country’s “Third Financial Sector Strategy,” launched in November 2023. This strategy focuses on developing capital markets and integrating emerging technologies to drive digital transformation.
The QFC’s framework aims to enhance security, transparency, and international standards within the digital asset space, fostering trust among consumers and stakeholders. The regulations were crafted with input from an advisory group comprising 37 organizations from finance, technology, and legal sectors.
Additionally, the QFC’s Digital Assets Lab, which began operations in October 2023, has already supported over 20 startups in developing and commercializing digital asset innovations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
