According to a joint statement issued on Sunday by The Qatar Financial Centre (QFC) and the Qatar Financial Centre Regulatory Authority (QFCRA), Qatar has launched a new legislative framework to regulate and supervise burgeoning crypto markets; and transactions and trading platforms, and also recognizes the legitimacy of smart contracts.
Regulatory bodies have been collecting feedback from industry professionals and companies, and it was finally scheduled to be collected on 2 January 2024, when an advisory group of 37 local and international organizations from the financial, technical and legal sectors coordinated advisory and collaborative efforts to develop the framework, focusing on the structure, content and practical applicability of the proposed framework.
QFC Collaboration with Startups Reshapes Digital Assets Sector
Since the establishment of the QFC Digital Assets Working Group in October 2023, more than 20 startups and fintechs have joined the QFC to innovate, test and launch their digital asset products and services; this initiative coincided with the QFC’s quest to create a digital asset framework, in collaboration with companies operating in the sector.
With this legislative framework in place, companies can now apply for a license to conduct crypto service providers, with the Governor of the Central Bank of Qatar, Sheikh Bandar bin Mohammed bin Saoud Al Thani, saying: “The launch of the 2024 Digital Asset List marks a milestone in our journey towards achieving the objectives of the third strategy for the financial sector.”
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He added that this framework will create tremendous opportunities for the financial sector and contribute to providing a clear regulatory arena for financial sector activities, as this initiative is in line with the objectives of Qatar’s digital transformation, as well as in line with the Third National Development Strategy, which is the final phase of the Qatar National Vision 2030.
Qatar confirms digital assets framework completed on time
In July, Henk Jan Hoogendoorn, Head of Financial Services at the Qatar Financial Centre (QFC), stated that Qatar’s regulatory framework for digital assets is proceeding as planned and will be completed and implemented by the fourth quarter of this year, with the Central Bank of Qatar completing the infrastructure development stages for the launch of its Central Bank Digital Currency (CBDC) a few weeks ago.
The post Qatar Unveils Framework for Regulating Digital Assets appeared first on Cryptonews Arabic.
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