DOHA, Sunday, August 04, 2024 – Qatar is on track to introduce a comprehensive regulatory framework for digital assets by the end of the year, reports indicate.
The Gulf state aims to legally recognize various digital assets, including securities, debt instruments, and investments, as part of its broader strategy to bolster the digital economy.
The Qatar Financial Centre (QFC) has been instrumental in developing the framework, establishing a Digital Assets Lab to foster innovation and research in the sector.
The lab serves as a platform for startups, businesses, and researchers to develop blockchain solutions.
While Qatar previously imposed a ban on Bitcoin trading, the country has since shifted its stance, recognizing the potential of digital assets.
Qatar Financial Center (QFC) is a leading financial and business hub in the region.
It has been instrumental in Qatar’s push towards a digital economy, particularly in the realm of digital assets. QFC has established a Digital Assets Lab to foster innovation and research in this sector.
Additionally, the QFC is collaborating with the country’s central bank to develop a comprehensive regulatory framework for digital assets, aiming to create a conducive environment for businesses operating in this space.
Masraf Al Rayan, a leading Qatari bank, and the Qatar Financial Centre Authority (QFCA) signed a Memorandum of Understanding (MoU) on June 5, 2024, to strengthen their collaboration and promote innovation in fintech and digital assets sectors.
The partnership will involve joint initiatives, knowledge-sharing sessions, and the development of innovative solutions through Masraf Al Rayan’s “Innovation Lab” and QFC’s Digital Assets Lab.
Both parties aim to enhance the capabilities of companies within the QFC ecosystem, focusing on fintech, Web 3.0, and sustainability, while ensuring adherence to regulatory standards.
