Qatar Rolls Out New Framework to Regulate Digital Assets

Qatar has rolled out a new framework to regulate digital assets to make financial transactions in the country safe and clear.

Qatar has introduced a new framework to regulate digital assets in a move to make financial transactions safer and clearer in the country.

The new set of regulations, which was introduced by the Qatar Financial Centre (QFC), is designed to support both local and international businesses in the financial sector.

According to Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani, the framework is part of Qatar’s Third Financial Sector Strategic Plan to ensure safe operations when dealing with digital assets and also to meet international standards.

“Launching the 2024 Digital Assets Regulations marks a significant milestone in our journey towards realising the Third Financial Sector Strategy,” he said.

Yousuf Mohamed Al-Jaida, the CEO of the Qatar Financial Centre, also noted that the new framework shows the country’s dedication to building a strong regulation system. He hopes that this will attract more businesses from both within Qatar and abroad.

“The QFC Digital Assets Framework was developed with input from experts and industry leaders,” he said.

“Since the QFC Digital Assets Lab opened in October 2023, over 20 startups and fintech companies have been accepted to test their ideas. With these new rules in place, companies can now apply for licenses to offer token services, marking a new chapter in Qatar’s financial industry.”

The move by Qatar to regulate digital assets comes as several countries around the world are taking steps to do the same.

In the United States, the Securities and Exchange Commission (SEC) has been cracking down on unregistered crypto exchanges and offerings, while the Commodity Futures Trading Commission (CFTC) has jurisdiction over futures and options markets involving digital assets.

Meanwhile, the European Union is set to implement the Markets in Crypto Assets (MiCA) regulation by 2024, which will create a licensing regime for digital asset service providers and impose conduct of business rules.

The United Kingdom, on the other hand, has brought digital assets under the remit of the Financial Conduct Authority (FCA) and the Bank of England (BoE), with plans to consult on a new regulatory framework for stablecoins.

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