QFCA and QFCRA launch new QFC Digital Assets Framework
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QFCA and QFCRA launch new QFC Digital Assets Framework 02 September 2024Qatar Reporter: Clelia Frondaroli
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The Qatar Financial Center Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) have launched the QFC Digital Assets Framework, in line with the third financial sector strategy proposed by Qatar Central Bank.
The framework aims to establish a legal and regulatory foundation for digital assets in Qatar, including the processes of tokenisation and the recognition of property rights and custody arrangements in tokens.
The framework also intends to provide a secure and standardised digital asset system, to instil confidence amongst clients and service partners.
The QFC Digital Assets Framework is the result of a collaboration between the QFCA and industry stakeholders, comprising 37 domestic and international organisations. It is said to play a key role in supporting Qatar’s digital transformation goals.
Chief Executive Officer of QFC, Yousuf Mohamed Al-Jaida, comments: “The introduction of the Digital Assets Framework 2024 underscores our commitment to creating a robust regulatory regime aligned with international best practices. We are proud to set a blueprint for developing, applying, and operating digital assets that promotes market trust and confidence.”
Michael Ryan, CEO of QFCRA, adds: “By introducing a comprehensive and robust framework for the regulation of digital assets, we are laying the groundwork for the development of a thriving and innovative financial services sector”.
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