Qatar has introduced a new regulatory framework for digital assets, aimed at fostering a secure and transparent environment.
The framework, unveiled on September 2, 2024, will be implemented within the Qatar Financial Centre (QFC).
This initiative aligns with Qatar’s Third Financial Sector Strategic Plan, setting a legal and regulatory foundation for digital assets.
According to the QFC, the framework is designed to meet international standards and create a transparent ecosystem.
Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank, commented, “Launching the 2024 Digital Assets Regulations marks a significant milestone in our journey towards realizing the Third Financial Sector Strategy.”
He added that the framework is expected to “create opportunities and support the establishment of a robust regulatory environment within the financial sector.”
Yousuf Mohamed Al-Jaida, CEO of the Qatar Financial Centre, stated, “The launch of the framework demonstrates the centre’s commitment to creating a robust regime.”
Al-Jaida further noted, “We hope the clarity provided by this framework will attract both domestic and international players.”
Michael Ryan, CEO of the Qatar Financial Centre Regulatory Authority (QFCRA), said, “The framework lays the groundwork for the development of a thriving and innovative financial services sector.”
The framework is the result of extensive consultation with industry stakeholders.
Since the QFC Digital Assets Lab's launch in October 2023, over 20 startups and fintech companies have been accepted to develop and test their solutions.
With the unveiling of the framework, companies can now apply for licenses to perform token service provider activities.
The QFC's new framework aims to establish a structured and reliable environment for digital asset management in Qatar.