The Qatar Monetary Centre (QFC) in Doha has invited native and worldwide corporations to use for licenses to function as token service suppliers underneath its newly launched regulatory framework.
On Sept. 1, the Qatar Monetary Centre Authority (QFCA) and the Qatar Monetary Centre Regulatory Authority (QFCRA) launched the QFC Digital Belongings Framework 2024.
QFC Digital Belongings Framework 2024
The framework establishes a authorized and regulatory basis for digital belongings, protecting elements comparable to tokenization, authorized recognition of property rights in tokens and underlying belongings, custody, switch, and trade. It additionally legally acknowledges sensible contracts.
This initiative goals to create a safe and clear digital asset ecosystem inside the QFC, adhering to worldwide requirements. It gives a dependable technological infrastructure to construct belief amongst customers, service suppliers, and trade stakeholders.
Notably, the framework outcomes from collaboration and session with trade stakeholders. The QFC developed it with enter from an advisory group of 37 home and worldwide organizations within the finance, expertise, and authorized sectors.
Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Financial institution, emphasised the framework’s significance in advancing Qatar’s Third Monetary Sector Technique.
He famous that it’ll create important alternatives and strengthen the regulatory atmosphere, aligning with Qatar’s digital transformation objectives underneath the Third Nationwide Growth Technique and Qatar Nationwide Imaginative and prescient 2030.
Yousuf Mohamed Al-Jaida, CEO of QFC, said that the laws reveal their dedication to establishing a regulatory regime aligned with worldwide greatest practices. He believes this readability will entice each home and worldwide members, additional enhancing Qatar’s monetary providers sector.
Michael Ryan, CEO of QFCRA, added that the framework units the stage for a thriving and progressive monetary providers sector, enabling it to capitalize on rising applied sciences and markets.
