Connect with us

Hi, what are you looking for?

Qatar introduces
Qatar introduces

Business

Qatar starts using a full digital asset framework to help the banking industry

Through the Qatar Financial Center (QFC), Qatar has started a new set of rules for digital assets. The goal of this framework is to build an ecosystem that is safe, open, and compliant with international standards. This will help the country’s banking industry grow and become more digital.

The government of Qatar has taken a big step toward becoming more digital by releasing a complete set of rules for digital assets. In line with international standards and best practices, the Qatar Financial Center (QFC) in Doha has put in place this new system to make sure that digital assets are kept safe and that everything is clear.

The QFC’s new framework covers a lot of important topics, such as how tokenization works, how property rights in tokens and the assets they’re based on are recognized legally, how digital assets are stored, and how they can be sent and received. It also has rules for accepting smart contracts in the QFC, which has its own laws, rules, and taxes that are different from those in the rest of Qatar.

The QFC framework is a part of Qatar’s Third Financial Sector Strategy, which was released in November 2023 and aims to use new technologies to help the country’s economy grow. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank, said that the plan was an important step forward that would open up a lot of doors for businesses in the financial industry.

Since it opened in October 2023, the QFC Digital Assets Lab has had over 20 startups and fintech companies work with it to build, test, and sell their own goods and services. The final rules were greatly improved by working together with 37 domestic and foreign organizations that have a stake in the business.

We think that the new system will bring in players from both inside and outside of Qatar, making the country’s financial services sector more competitive. The QFC wants to make Qatar a major center for digital assets and innovation in the area by allowing foreigners to own 100% of businesses and bring all profits back to their home country.

The rise of Qatar’s financial sector is supported by strong regulations that build trust among both customers and service providers. This is because companies are now applying for licenses to work as token service providers.

author avatar
Satpal S
Satpal is an Editor and Author at 4C Media Co, specializing in all stories and news related to crypto and finance.
Advertisement

You May Also Like

Cryptocurrency

The court sentenced Craig Wright, the Australian entrepreneur who falsely claimed to be the creator of Bitcoin, to a suspended one-year prison term for...

Cryptocurrency

President Joe Biden supports a prohibition on stock trading for members of Congress, citing potential conflicts of interest. This idea seeks to ensure that...

Cryptocurrency

Despite Coinbase's decision to delist Tether's USDT in Europe owing to MiCA restrictions, major exchanges including Binance, Crypto.com, and Kraken still offer the stablecoin...

Cryptocurrency

The Nigerian Economic and Financial Crimes Commission has arrested 792 individuals involved in a large-scale crypto romance scam based in Lagos. The operation, which...

polkadot
Polkadot (DOT) $ 7.43 7.47%
bitcoin
Bitcoin (BTC) $ 95,210.64 0.20%
ethereum
Ethereum (ETH) $ 3,327.92 3.81%
cardano
Cardano (ADA) $ 0.947983 4.56%
xrp
XRP (XRP) $ 2.29 5.44%
stellar
Stellar (XLM) $ 0.427648 7.46%
litecoin
Litecoin (LTC) $ 108.63 7.15%
polkadot
Polkadot (DOT) $ 7.43 7.47%
bitcoin
Bitcoin (BTC) $ 95,210.64 0.20%
ethereum
Ethereum (ETH) $ 3,327.92 3.81%
cardano
Cardano (ADA) $ 0.947983 4.56%
xrp
XRP (XRP) $ 2.29 5.44%
stellar
Stellar (XLM) $ 0.427648 7.46%
litecoin
Litecoin (LTC) $ 108.63 7.15%