Home technology blockchain Qatar Introduces Crypto Regulations as Middle East Expands Digital Asset Frameworks
Blockchain
CIO Bulletin
2024-09-04
As the Middle East embraces blockchain technology and cryptocurrencies, Qatar introduces new legislation establishing legal guidelines for digital assets.
Establishing comprehensive legal and regulatory foundations for digital assets in Qatar, the QFC Digital Assets Framework 2024 has been launched by the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA). A number of important topics are covered by this framework, such as tokenization, property rights, custody agreements, and the trade and transfer of digital assets. Along with improving security and transparency in the nation's digital asset market, it also gives smart contracts legal status.
The framework is a major step towards the country's Third Financial Sector Strategy, according to H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar's Central Bank, who highlighted its potential to draw in both domestic and international fintech players while fostering a robust regulatory environment.
37 organizations from the legal, financial, and technical sectors were extensively consulted during the development of this framework. As other Middle Eastern nations, such as Bahrain and Dubai, have put similar laws in place to assist their expanding cryptocurrency industries, this action fits with a larger regional trend.
But not every nation in the area is developing at the same rate. Regulating cryptocurrencies is still something Saudi Arabia is wary about embracing, despite its rising interest in blockchain.
With the goal of establishing the Middle East as a major player in the global cryptocurrency scene, this regulatory drive underlines the region's commitment to incorporating blockchain technology and digital assets into its financial systems.
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