Yahya 
Heading into the future, Qatar is now stepping into it through the provision of the QFC Digital Assets Framework 2024. Launched by the Qatar Financial Center Authority, and the Qatar Financial Center Regulatory Authority, this new framework to revolutionize how digital assets are to be handled in the country in a bid to signal Qatar as a global hub of digital finance.
The QFC Digital Assets Framework establishes the legal basis for processes such as tokenization, owning and trading in digital tokens. It also recognizes smart contracts, thus guaranteeing the authenticity of the digital deals in Qatar to conform to the international standards. This framework has been deemed by the Sheikh Bandar bin Mohammed bin Saoud Al Thani, the Governor of Qatar Central Bank, as a constituent part of the overall financial transformation of Qatar for the purpose of creating new opportunities in the financial novel technology domain.
The establishment of this framework was not something that was done in a day, it took considerable amount of time of planning and strategizing. This included consultions from an advisory council in the field of finance, technology and law with 37 distinct organisations, to ensure that the proposed framework is realistic and as broad as possible. The aim was to take it beyond checklists – it’s a system built to be functional for everyone on the field.
One of the key elements is the QFC Digital Assets Lab which was established in October, 2023. This lab has already been home to more than 20 startups and fintech organizations with a portfolio of almost ten launched digital asset products and services themselves. This is a move that brings out the focus of Qatar in the promotion of innovation and the creation of a hub for digital financial services.
But with the QFC Digital Assets Framework 2024, Qatar is putting down a marker about its intent in the digital finance space. It is believed that through the use of this framework, more firms will be drawn into the country hence strengthening and increasing the competiveness of its financial sector.
Yousuf Mohamed Al-Jaida, the CEO of the QFC, noted that the framework regulates the country’s digital assets in line with the international standards while stressing the necessity of long-term stability and protection in the context of digital space. Through such a stringent base for regulations, it is preparing for a secure and increasingly transparent financial system which is more capable of thriving in the future.
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