The Qatar Financial Center (QFC) in Doha has invited local and international companies to apply for licenses to operate as token service providers under the newly introduced regulatory framework.
On September 1, the Qatar Financial Center Authority (QFCA) and the Qatar Financial Center Regulatory Authority (QFCRA) launched the QFC Digital Assets Framework 2024.
QFC Digital Assets Framework 2024
The framework provides a legal and regulatory foundation for digital assets, covering aspects such as tokenization, legal recognition of ownership rights to tokens and underlying assets, custody, transfer and exchange. It also legally recognizes smart contracts.
This initiative aims to create a secure and transparent digital asset ecosystem within the QFC that complies with international standards. It provides a reliable technology infrastructure to build trust between consumers, service providers and industry stakeholders.
In particular, the framework is the result of collaboration and consultation with industry stakeholders. The QFC developed it with input from an advisory group of 37 domestic and international organizations in the financial, technology and legal sectors.
Bandar bin Mohammed bin Saoud Al Thani, Governor of the Central Bank of Qatar, emphasized the importance of the framework in advancing the third strategy for Qatar’s financial sector.
He noted that it will create significant opportunities and strengthen the regulatory environment, in line with Qatar’s digital transformation goals under the Third National Development Strategy and Qatar’s National Vision 2030.
Yousuf Mohamed Al-Jaida, CEO of QFC, stated that the regulations demonstrate their commitment to establishing a regulatory regime aligned with international best practices. He believes this clarity will attract both domestic and international participants, further strengthening Qatar’s financial services sector.
Michael Ryan, CEO of QFCRA, added that the framework paves the way for a thriving and innovative financial services sector, allowing it to take advantage of emerging technologies and markets.