digital assets
Qatar introduces new digital assets framework
Published
3 months agoon
By
adminQatar has unveiled a new digital assets regulatory framework, with its launch set to bring key areas such as tokenization, custody and exchange under regulation.
The Qatar Financial Center Authority and the Qatar Financial Center Regulatory Authority, key players in the drafting of the framework, announced the new framework in a joint press release.
Qatar’s QFC Digital Assets Framework 2024
According to details in a press release, the QFC Digital Assets Framework 2024 is an effort of various stakeholders, including 37 domestic and international organizations across legal, financial and technology sectors.
The QFCA and QFCRA said in their announcement that the new crypto regime followed guidelines from the country’s central bank. Work on the regulation included the unveiling of the QFC Digital Assets Lab in October 2023. Since this milestone, more than 20 fintech startups have joined the program to pilot and commercialize crypto products and services.
QFC Digital Assets Framework 2024 provides for various legal and regulatory aspects of the digital assets market in Qatar, QFCA and QFCRA noted.
Other than tokenization, the framework recognizes the tokens as property and provides for the legal outlook on their custody, transfer and exchange of these assets. Qatar’s new framework also legally recognizes smart contracts and sets industry standards for cryptocurrencies in the QFC.
Growing crypto regulatory clarity
While the U.S lags, Europe has taken major steps with its MiCA rules, and Hong Kong is increasingly becoming a crypto hub.
Meanwhile, Qatar’s digital assets framework aligns with developments across the Middle East, particularly in the United Arab Emirates. The UAE has become one of the top destinations for crypto companies with its increased regulatory clarity.
Dubai and Abu Dhabi are the main centers, with the respective Dubai International Financial Centre and Abu Dhabi Global Market key to the region’s growing status as a financial and crypto hub.
In a comment on the topic, Qatar Central Bank governor H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, said that the regulation is a key step towards clarity for the financial sector. The opportunities and gains this offers add to the country’s digital transformation and vision 2030 goals, Al Thani added.
Yousuf Mohamed Al-Jaida, chief executive officer of QFC, added that the new framework underlines Qatar’s commitment to aligning its digital assets regulation with international best practices. Authorities anticipate that the milestone will provide for regulatory clarity that both domestic and international players within the ecosystem want.
Source link
You may like
Pi Network Coin Price Surges As Key Deadline Nears
How Viable Are BitVM Based Pegs?
UK Government to Draft a Regulatory Framework for Crypto, Stablecoins, Staking in Early 2025
Bitcoin Cash eyes 18% rally
Rare Shiba Inu Price Patterns Hint SHIB Could Double Soon
The Bitcoin Pi Cycle Top Indicator: How to Accurately Time Market Cycle Peaks
Pi Network Coin Price Surges As Key Deadline Nears
How Viable Are BitVM Based Pegs?
UK Government to Draft a Regulatory Framework for Crypto, Stablecoins, Staking in Early 2025
Bitcoin Cash eyes 18% rally
Rare Shiba Inu Price Patterns Hint SHIB Could Double Soon
The Bitcoin Pi Cycle Top Indicator: How to Accurately Time Market Cycle Peaks
Bitcoin Breakout At $93,257 Barrier Fuels Bullish Optimism
Bitcoin Approaches $100K; Retail Investors Stay Steady
Solana Hits New ATH On Huge Whale Accumulation, More Gains Ahead?
Microsoft Should Buy $78 Billion Worth of Bitcoin
Ethereum Believers May Be Staring Down Opportunity As ETH Reaches Another Low Against Bitcoin: CryptoQuant CEO
UK government is ready for crypto regulations next year
“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role
Bitcoin Nears $100,000 As Trump Council Expected To Implement BTC Reserve
Know Your Missiles: Russia’s Experimental Hypersonic Missile Is A New Kind of Killing Machine
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump4 months ago
Why Did Trump Change His Mind on Bitcoin?
- News3 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Price analysis3 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
- Bitcoin4 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential