Qatar launches digital asset regulatory framework

2024-09-02 20:48:34

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ChainCatcher news, according to Cointelegraph, the Qatar Financial Centre (QFC) has recently released a comprehensive framework regarding the regulation and creation of digital assets.

In line with the strategy of the Qatar Central Bank, the regulatory bodies of QFC—the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA)—have announced a framework that lays the foundation for digital assets within the QFC.

These rules include tokenization processes, legal recognition of property rights for tokens and underlying assets, custodial arrangements, transfer, and exchange. Additionally, the framework also contains provisions for the legal recognition of smart contracts.

Similar to the free economic zones in the United Arab Emirates, the QFC operates independently from mainland Qatar, with its own legal, regulatory, tax, and business framework to distinguish it from other regions of Qatar.

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